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May. 29, 2013

Yahoo’s New Home in Manhattan

By Veronica Grecu, Associate Editor

Hot on the heels of its $1.1 billion acquisition of Tumblr—the fast-growing social blogging platform, Yahoo! has announced that the company’s New York City-based offices will now move into one central location in Manhattan. According to the media giant’s first post on Tumblr, around 500 employees in three buildings in the Big Apple will be reunited on four full floors in the historic Times Square in the old New York Times building.

Located at 229 West 43rd Street and designed in stages between 1913 and 1932, the 18-story structure was the headquarters of the New York Times newspaper for more than 90 years.

In 2004, the building was sold by its owner, The New York Times Company—which has been controlled by the Sulzeberger family since 1896, to Tishman Speyer Properties for $175 million. Three years later, Tishman sold the historic building for $525 million to Africa Israel Investments, an Israel-based international holding and investment company.

According to the newspaper itself, Yahoo! is currently negotiating with city officials to place a large neon sign with the company name on top of the building, where The Times’ iconic clock used to be. Yahoo!’s relocation—and possible expansion—is expected to consolidate the presence of tech-giants in Manhattan, as Facebook has already leased space in the area and Microsoft is in the process of moving in.

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Image via Yahoo! on Tumblr