Mayor Lee announced that Yelp just signed a lease at the super amazing 140 New Montgomery Pacific Telephone & Telegraph Building for a 100,000 square-foot space. The company will expand in the new site, hiring 300 more employees, bringing their total to 800. Now the pool of people on New Montgomery will expand beyond just Academy of Art students to...Yelp employees and Academy of Art students.
The Mayor used the lease as an example of his dedication to bringing/keeping tech companies in downtown SF. Apparently the deal marks the two millionth square foot of office space leased by tech firms in 2012. By comparison, the same amount of space wasn't leased until Fall of 2011, so his master plan seems to be working. Yelp will move into the space in 2013, and the lease will run through at least 2021. Soon you'll be able to tweet about the check-in from that place you just reviewed, all withing a couple block radius!
· Yelp signs Pacific Telephone Building lease to 2021 [SF Gate]
· Pacific Telephone Building Scraps Plans For Condos, Moves On To Office Space [Curbed SF]