Google parent Alphabet Inc. (GOOGL - Get Report) said Monday that it will invest more than $1 billion to build a new campus in the Hudson Square area of New York that will be its primary global business hub.

Google said the campus will include office space at 315 and 345 Hudson Street in Lower Manhattan, as well as a new property at 550 Washington Street. The investment follows Google's $2.4 billion purchase of the Manhattan Chelsea Market earlier this year as well as plans to lease additional space at Pier 57. 

"When we came to New York City almost two decades ago, it was our first office outside of California," the company said in a blogpost. "It's now home to more than 7,000 employees, speaking 50 languages, working on a broad range of teams including Search, Ads, Maps, YouTube, Cloud, Technical Infrastructure, Sales, Partnerships and Research."

Google shares closed at $1,051.71 each Friday, after falling 2.03% on the session in move that took the stock's three-month decline past 10.7% and valued the Mountain View, Calif.-base tech giant at just over $728 billion.

Google said it hopes to have employees working in the Hudson Street buildings by 2020, with others located in Washington Street two years later.

The move marks the second major plans for tech-focused industry expansion in New York following last month's decision by Amazon Inc. (AMZN - Get Report) to invest $5 billion across two new headquarters, one of which will be based in Long Island City.

Amazon's HQ2 project will create 25,000 new jobs in both New York and Northern Virginia, adding to its 610,000-strong global workforce but courting controversy over the billions in tax credits the two states offered the group to chose its cities following a months-long competition.

Alphabet had just over 93,300 people on its global payroll at the end of the third quarter, the company said in an SEC filing, up from 80,110 at the end of last year.