Electronics giant Samsung is keenly eyeing the establishment of a sizeable Manhattan-based office in what would be one of the biggest organizational expansions in NYC for the last couple of years. This is according to real estate stakeholders familiar with Samsung’s search.
The South Korean tech company, which already has offices in Silicon Valley and New Jersey, among other prominent locations, has been vouching for over a million square feet of office space in New York City’s Manhattan hub. The company is allegedly looking for this space in either a new or existing tower, according to individuals familiar with the developments. An office that size would typically host between 5, 000 and 7, 000 workers, and that means Sammy plans to be in for the long haul.
If the company goes right ahead and actualizes these plans, it would be one of the most gigantic business commitments for space in Manhattan, this year. One million square feet is some really large space. A real estate company that advises Samsung, Cushman & Wakefield Inc. has contacted developers about planned towers, including a development project unrolling on the far west area of Manhattan, as well as the new World Trade Center. Samsung is looking not just to lease, but to own space. This could however limit the number of locations Samsung settles in since most landlords are interested in leasing rather than selling.
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Currently, Samsung’s space hunt is still in its early stages, and details are not available right now to ascertain whether the tech giant could consider moving to other outside-Manhattan districts. Recently, and as we covered in a prior news article, the company has been recording diminishing sales and profits, mostly due to increased smartphone market competition.
These plans for expansions come as other global tech corporations set up outposts in New York, mostly as a way to tap into the city’s large pool of talented workers. Facebook and Google are among the renowned companies that have acquired space in New York.
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