New media, old building -- same regional center of influence for communications.
Longtime Internet giant Yahoo has signed a five-year lease on 70,000 square feet of office space in the old Chronicle building in San Francisco's South of Market neighborhood, according to the San Francisco Chronicle.
Exact financial terms of the deal, rumored all week, were not disclosed. But an estimate in the Chronicle -- which should at least have an idea, right? -- guessed the five-year lease at 110 5th Street worth up to $17 million.
The office space -- currently occupied by Square, which is moving nearer to Twitter at 1455 Market -- is in an old newspaper building, but it's hardly ink-stained metal desks with typewriters. The space is "clean" and "modern," with open cubicles and "cabanas" for worker bees to sit and be productive, the Tech Chronicles blog reported.
As it happens, the new digs are three blocks away from Yahoo CEO Marissa Mayer's penthouse home at the Four Seasons on Market Street, the newspaper reported. She'll keep her office in Sunnyvale, however, according to Yahoo officials.
The Chronicle building with its signature clock tower at 901 Mission Street is part of what's called the 5M development, a project of developer Forest City that seeks to redevelop the old newspaper building into a tech hub.
Eventually, a commercial high rise and six smaller buildings, on the site of parking lots, will join existing structures, according to plans.
Yahoo is by far the 5M project's highest-profile tenant, and the deal also doubles Yahoo's presence in San Francisco. Currently, the Web giant has a few hundred workers in 45,000 square feet of space on Sansome Street, the newspaper reported.