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Google has revealed its plan to lease a 25,000 sq ft area of office space in London to startup technology firms and developers in the industry.
The plan for the office space site, near Old Street in East London, is to see it provide a creative hub for fledgling companies to develop and commercialise their ideas. Google signed a ten-year lease on the space.
Old Street is close to an area of the city dubbed ‘Silicon Roundabout’ where progress is being made towards establishing a large-scale global technology hub that could eventually rival the famously innovative Silicon Valley area of California.
Google itself emerged from Mountain View in Silicon Valley and the company clearly sees a lot of potential for office space in London to play host to significant technology-related startup companies in years to come.
“East London is already home to hundreds of innovative British startups, and has huge potential for economic growth and new jobs over the coming years,” said David Singleton, an engineering director at Google UK.
The British government is keen to see initiatives of the sort being led by Google progress and expand in London, particularly in the four-mile ‘Tech City’ zone ear-marked specifically with this aim in mind.
Chancellor George Osborne welcomed the news of Google’s latest commitment to the capital as “great news”.
“It shows that we can create the right environment to attract start-ups and established high-technology businesses, supporting our programme to create new jobs, diversify the economy and create long-term economic growth,” he said.
Startup office space in East London has helped encourage the development of ideas like the micro-blogging service Tweetdeck and the online loan provider Wonga.com. Meanwhile, office space in the nearby City of London is home to some of the world’s biggest banking groups and investment businesses.