Google plans $2.6bn New York expansion as tech execs claim 'Silicon Valley is over'

Google is said to be close to signing a $2.4bn deal to establish an East Coast base in New York City, the latest in a series of moves by tech firms who believe Silicon Valley‘s best days may be “over”.

Reports said the multinational tech giant, valued at $133bn, is ready to finalise a deal for a building in the meatpacking district, close to offices it already rents there. The building, a former Nabisco factory, occupies an entire city block and the Associated Press said it would be among the most expensive real estate deals in the city’s history.

If it goes ahead, Google would be among a number of tech companies that are looking to expand their New York footprint. Concerns about the soaring cost of living in San Francisco, and worried that innovation may be accelerating faster in other parts fo the country, a number of firms are looking to New York and other cities.


Source : Yahoo