BY GABE HERMAN | The tech company Yext will move its global headquarters to a new building in Chelsea, the company and Governor Cuomo recently announced.
Yext is a cloud-technology company that provides software to businesses to help organize information. The company was founded in New York City in 2006. It has since expanded globally, with 1,000 employees worldwide, including 600 in New York City. Yext currently has local offices at 1 Madison Ave., between E. 23rd and 24th Sts.
The new headquarters, to be called the Yext Building, will be at 61 Ninth Ave., at W. 15th St., across from Google’s New York City headquarters and Chelsea Market, and adjacent to the Apple Store. Its offices will be above the new Starbucks Reserve Roastery.
The nine-story building will enclose 142,500 square feet. Yext plans to invest $150 million in the new headquarters over 12 years, and create 500 new jobs over a five-year span.
The state has offered up to $6 million in performance-based Excelsior Tax Credits over 10 years, through the Empire State Development, the state’s chief economic development agency. The full incentive will only be given if 500 jobs are created in the next five years, and then those jobs and the company’s existing jobs in the city are retained for another five years.
“Tech companies like Yext are thriving and expanding across the state thanks to New York’s top-notch talent, educational institutions and cultural resources,” Cuomo said in a statement. “We are proud to support companies that invest in New York State and grow our innovation hubs, which in turn attract more world-class businesses and further elevate our 21st-century economy.”
The company is planning a March 2020 move into the new office building, which was originally going to be for Aetna Inc. But Aetna scrapped those plans after being taken over by CVS Health Corp.
“Yext is excited to unveil The Yext Building, and our plans to expand Yext with 500 new jobs in our hometown of New York,” said Howard Lerman, Yext’s founder and C.E.O. “We founded Yext as three guys in a single room in Columbus Circle. More than a decade later, our innovative products, world-class team, and massive opportunities are being felt around the world.”
State Senator Brad Hoylman gave a resounding “yes” to Yext’s announcement.
“Thank you, Yext,” he said. “I greatly appreciate your commitment to creating 500 new jobs in my Senate district, as well as the efforts of Empire State Development and Governor Cuomo to solidify New York’s tech industry.”
