LOS ANGELES – After working closely with the Mayor's Office of Economic Development, Yahoo! Inc. is moving its Santa Monica operations to Los Angeles, Mayor Garcetti announced today.
“I'm proud that Yahoo is moving to Los Angeles and sending a strong message to the business community that our city is where the next big thing is going to be,” said Mayor Garcetti. “This move proves that L.A. is accelerating as a center of technology and entertainment, to the benefit of our overall economy and every Angeleno."
“We worked hard to identify the right office situation for Yahoo in Southern California to better match our space and collaboration needs,” said Ken Goldman, CFO of Yahoo! Inc. “While we have always had a presence in Southern California, working out of the City of Los Angeles is a priority for us now more than ever. In the fall of 2015, teams currently based out of our Santa Monica office will transition to our new Playa Vista campus."
Yahoo!I Inc. signed a long-term lease for approximately 130,000 square feet at the Collective Campus in Playa Vista with commercial real estate firm Tishman Speyer. The company’s move will bring at least 400 jobs from its current location in Santa Monica, with space to accommodate future growth.
“We chose the Playa Vista location because of its access to talent, the ambience of this area, and the quality of the development being constructed by Tishman Speyer. In addition we were exceedingly impressed with the level of engagement in this site selection process by the Mayor and his Business Team staff. They have done an exemplary job in highlighting the benefits of a City of Los Angeles address and have followed through on all of their commitments," Goldman added.
"I am thrilled to welcome Yahoo to the City of Los Angeles," said Councilmember Mike Bonin, who represents Playa Vista. "Playa Vista is a perfect home for smart, innovative tech firms, and Yahoo will add to a growing energy and spirit as Playa Vista becomes the real hub of Silicon Beach. This shows that Los Angeles is open for business and ready to compete with the best."
“What an incredible win for Los Angeles,” said Councilmember Paul Krekorian, Chair of the City Council’s Budget and Finance Committee. “I couldn’t be happier that Yahoo has decided to bring hundreds of jobs into our great city. This is a boon for our local economy that will spur innovation and economic growth, and it proves that L.A. is a national tech hub.”
Los Angeles has emerged as a leading center for the technology sector and is home to industry leaders such as Snapchat, Riot Games, ZEFR, Factual, Oblong Industries, and StudyMode, and is home to large operations of Google, YouTube and other industry leaders.
The Los Angeles County Economic Development Corporation recently released a report showing that our local tech sector is thriving with more high tech jobs (368,600) than Boston-Cambridge, Santa Clara County (in the heart of the Silicon Valley) and New York City. The report also shows that the direct high tech workforce generated $32 billion in wages in 2013, accounting for 16.8% of all wages paid in L.A. County.