August 8, 2014
Crain’s reported on Wednesday that the online review platform, Yelp, has signed the lease for a 50,000 square-foot space in Chicago’s Merchandise Mart. The space is capable of holding up to 300 people – which is a huge increase from the company’s currently two employees working out of 1871, which is also based out of Merch Mart and announced in June its expansion into additional space in the building. The move into the large space suggests that the company plans to go on major hiring binge. And, I mean, considering the company’s recent second-quarter revenue success (netting $88.1 million in revenue – 61 percent more than last year), its potential exponential staff growth in the Chicago market shouldn’t come as too much of a surprise. With the expected move into the space by next year, the addition of Yelp’s presence in Merch Mart is indicative of a rapidly growing tech scene in River North. Just this past April, Motorola Mobility moved its headquarters from Libertyville to Merch Mart.
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