Yahoo is moving its San Francisco offices from the Financial District to the iconic San Francisco Chronicle building at Fifth and Mission, according to a post on Yahoo's Tumblr blog.
"We’re designing a cool, fun and beautiful space to inspire collaboration and innovation," writes Jacqueline Reses, Yahoo's chief development officer. "We love the symbolism of moving into the Chronicle building, as it personifies the digital revolution in how people around the world consume media."
The three-story building at 901 Mission St., which is still home to the Chronicle, used to feature two full floors of newspaper employees before the daily newspaper laid off large numbers of staffers due to a steep decline in advertising revenue, which in turn was largely thanks to Internet sites like Yahoo and classified ad sites like Craigslist.
Bloomberg's Dan Levy is reporting: "The Yahoo deal is for five years and 70,000 square feet (6,500 square meters), said a person with knowledge of the agreement who asked not to be identified because the information is private. Asking rents in the area averaged $44 a square foot in the second quarter, according to CBRE Group Inc."
Meanwhile, James Temple reported on The Tech Chronicles blog earlier this week that Yahoo is only one of many big tech companies searching for additional office space in the city, as a boom in the technology sector continues to drive the local economy.