Touted to be one of the biggest New York City corporate commercial real estate expansions in years, Samsung Electronics CO. is planning to create an office large enough to house 5,000 to 7,000 employees. Samsung Electronics CO is a South Korean company with United States offices based in Silicon Valley and New Jersey.
According to real estate executives, the company is seeking one million square feet of commercial real estate in an existing or new tower in Manhattan. If Samsung ends up making a deal, it will be one of the year’s biggest business commitments for a new space in Manhattan. One million square feet is almost as big as the new Conde Nast headquarters, which opened on November 3, 2014 at One World Trade Center.
Samsung’s real estate advisors at Cushman & Wakefield have already reached out to developers at the World Trade Center and Related Cos. Hudsons Yards Project. The company wants to own a space, which could prove challenging as most landlords prefer to lease properties.
The company’s search for commercial real estate is still in the beginning stages, and details are still being fleshed out. Ambiguity surrounds whether or not the sprawling company will move its New Jersey location to Manhattan, or continue expansion beyond city limits. A spokesperson for Samsung refused to comment on the search. However, he did state that the company experienced dramatic growth in the United States, which was the reason for expansion. He also noted that the company is evaluating the structure, location and size they need in order to support their growing customer base. This is positive news for the company since Samsung competes with the Smart Phone market, and as a result, has experienced a drop in profits and decreased growth.
The company’s United States headquarters is in Ridgefield New Jersey, a suburb located in Burke County. Its headquarters takes up more than 230,000 square feet. Samsung is also currently building two campuses in the San Francisco region, one for the company’s semi-conductor unit and the other one for new development and research. A presence in Manhattan would be monumental for the conglomerate.