Google's parent company Alphabet said Monday it was investing over USD 1 billion in capital improvements to establish a new campus in New York City. In a blog post, Alphabet and Google CFO Ruth Porat wrote that it is leasing large office buildings in the West Village neighbourhood, the centrepiece of a campus more than 1.7 million square-feet large.

The expansion would make the company one of the city's largest commercial tenants and add thousands of jobs in the next years, according to The Wall Street Journal. The new campus, which should be operational starting in 2020, will be known as Google Hudson Square and "will be the primary location for our New York-based Global Business Organization," Porat wrote.