Samsung reportedly looking to purchase 1 million sq. feet of NYC office space for U.S. expansion

The Wall Street Journal is reporting that Samsung is planning to soon create a large office in New York City. Located in Manhattan, the office would be “one of the largest” corporate expansions in New York City in recent years. Citing “multiple real estate executives familiar with the search,” the report claims that Samsung has recently started reaching out to landlords and developers in New York City. The inquires have been about obtaining 1 million square feet of space, which would hold between 5,000 and 7,000 employees.

Currently, Samsung’s United States headquarters are located in Ridgefield Park, NJ. The company’s facility there is 230,000 square feet, meaning that the New York City office space would be nearly four times as large. It’s unclear at this point if the New Jersey location would be transferred to Manhattan. The talks between Samsung and New York City landlords are still reportedly in the early stages. The company is looking own its office space, not lease it, which may make the search harder.

As far as specific locations go, Samsung has allegedly been looking at the Hudson Yards project on the West Side of Manhattan and the World Trade Center. Samsung wouldn’t comment on the supposed search, but did explain that since it has been experiencing “dramatic growth” in the United States, it needs to expand.

A Samsung spokesman declined to comment on the search, but said that “dramatic growth in the U.S.” has led to expanded operations in the country. “We will continue to evaluate the size, location, and structure of our organization to support the needs of our growing customer base,” the spokesman said.

Samsung recently reported a 74 percent drop in mobile profits during Q3, which could slow down its search. The company did, however, say that it expects profits to rise once again through the holiday quarter, but mostly because of chip sales, not mobile devices.