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Yahoo to open office in New York City's Times Square

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At today's press event, Yahoo CEO Marissa Mayer announced that Yahoo will be opening a brand-new corporate office space in Manhattan to serve as a hub for the company's local employees. "We're going to gather all of our 500 New York employees here," Mayer said. Yahoo will be setting up in the old New York Times building in Times Square. Mayor Michael Bloomberg was on hand to ring in the announcement, offering particularly kind words for Tumblr — which has long operated out of Manhattan. "Not only are David (Karp) and Tumblr made in New York, they've helped us make a better New York," Bloomberg said. "If intellectual capital is important to your business, this is where you want to be."

Yahoo made its plan to acquire Tumblr official earlier today, though Karp pledged that his company wouldn't be relocating as part of the process. That's true. Instead, Tumblr will be getting some nearby company with the new home base for Yahoo's New York workforce. "We couldn't be more delighted to have our home here in New York," Mayer said. Yahoo also plans to expand its local family; a Tumblr post announcing the new office says that the company aims to increase its New York City-based team by up to 60 percent.