Google plans to allocate 22,000 square feet of its New York headquarters to CornellNYC Tech, while the university completes its campus on Roosevelt Island. The space will allow Cornell to build its presence in New York in close proximity to the tech companies and entrepreneurs with whom it will collaborate.
Google will initially provide Cornell with 22,000 square feet of office space on July 1, 2012, free of charge for 5.5 years or until the completion of Cornell's campus on Roosevelt Island-whichever occurs first.
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Based on an average asking rent of $47.65/square foot for New York City office, the deal would be valued at more than $5.76 million.
In addition, Cornell will be able to expand to 58,000 square feet over five years as it builds its presence in New York City.
"We're about to find out what happens when you marry one of the world's most innovative companies with one of the most innovative economic development strategies any city has undertaken," said New York Mayor Michael Bloomberg.
"When we first envisioned the Applied Sciences initiative, we hoped the winning school would establish strong relationships with the tech sector. But this kind of synergy is beyond anything we could have imagined."
"I'm passionate about breaking ground in science and engineering because technology has driven many of the advances humankind has made," said Google CEO Larry Page. "But we still don't have enough people working in these areas. It's why I am tremendously pleased that Google is giving Cornell the office space to get their new engineering university up and running in New York City."
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