REAL ESTATE

The search is over.

Amazon on Tuesday announced that it will create two new headquarters in Long Island City, New York, and Crystal City, Virginia. The two cities, which were selected out of 238 cities competing for the opportunity, will join Seattle as the company’s three headquarters in North America.

The online giant will invest $5 billion and create more than 50,000 jobs between the two new locations, with more than 25,000 employees hired and split between both facilities. Amazon is investing approximately $2.5 billion in both offices which will be housed in 4 million-sq.-ft. energy-efficient spaces, respectively. Both buildings also have the opportunity to expand to 8 million sq. ft.

The Long Island City location also has an estimated incremental tax revenue of generating more than $10 billion over the next 20 years. The Crystal City office has an estimated incremental tax revenue of $3.2 billion over the same time-frame. Average wages at both headquarters will exceed $150,000, and hiring will begin in 2019.

In a statement, Amazon CEO Jeff Bezos said the two locations will allow the company to…