Yelp Expanding Footprint to 100,000 Square Feet with Space for Estimated 300 New Jobs; Marks Two Millionth Square Foot of Office Space Leased in San Francisco By Tech Firms in 2012
5/10/12– Today Mayor Edwin M. Lee and Yelp CEO and Co-Founder Jeremy Stoppelman announced that Yelp, the company that connects consumers with great local businesses, signed a 100,000 square-foot lease at 140 New Montgomery in South of Market. Yelp will expand by roughly 30,000 square feet when they move into the iconic tower in Fall 2013. The company’s new lease will allow them to grow from their current 500 staff to an estimated 800 employees.
“Yelp is a home grown success story in San Francisco and they are a wonderful example of my Start Here, Stay Here, Grow Here strategy,” said Mayor Lee. “Yelp’s continued expansion in San Francisco will create new jobs and that’s why I am focused on creating a climate in San Francisco that continues to demonstrate to companies that San Francisco is a good investment. Yelp’s lease marks the two millionth square foot of office space leased by technology firms in 2012 and this milestone is proof that my efforts are working.”
“Yelp’s mission of connecting consumers with great local businesses started in San Francisco in 2004. As the world capital of innovation, we are proud to call San Francisco our home,” said Yelp CEO and Co-Founder Jeremy Stoppelman. “Today we’re excited to announce our continued commitment to the city of San Francisco as the home of Yelp headquarters with the signing of an eight-year lease at 140 New Montgomery. We’re grateful for Mayor Ed Lee’s vision during this process, and we're excited to further deepen our ties to this community.”
“With an increasing number of young, smart and engaged tech workers choosing to live in San Francisco, we anticipated more demand for technology office space in the city,’’ said Wilson Meany Partner Chris Meany who is the Developer of the 140 New Montgomery building. “We are delighted that Yelp has chosen to expand in San Francisco, and are particularly pleased that they have chosen to do so at 140. The company is a great fit for this building and this neighborhood.’’
Yelp’s lease brings the total tally for technology leasing to more than two million square feet. Comparatively, this milestone was reached in the fall of 2011, indicating that the technology industry is increasing their role as a key driver in the office leasing marketplace and job creation in San Francisco.
Yelp Inc. (NYSE: YELP) (http://www.yelp.com) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across the US, Canada, UK, Ireland, France, Germany, Austria, The Netherlands, Spain, Italy, Switzerland, Belgium, Australia, Sweden, Denmark and Norway. Yelp had a monthly average of 71 million unique visitors in Q1 2012*. By the end of the same quarter, yelpers had written more than 27 million rich, local reviews, making Yelp the leading local guide for real word-of-mouth on everything from boutiques and mechanics to restaurants and dentists. Yelp’s mobile applications were used on 6.3 million unique mobile devices on a monthly average basis during Q1 2012.
* Source: Google Analytics
Last updated: 5/10/2012 10:28:21 AM