Tech Firm Decides to Expand in Connecticut
John Jordan | July 17, 2017
STAMFORD, CT—Reversing a troubling trend of high profile companies announcing headquarters moves outside of the state, the State of Connecticut got some welcome news recently that a growing technology company has decided to grow its headquarters operations in the Nutmeg State.
Connecticut, which has seen high profile companies like GE and Aetna announce plans to relocate their corporate headquarters to Boston and New York City respectively, can take solace in the fact that Internet tech firm Indeed will be adding 500 new jobs in the state.
The Austin, TX-based firm will be investing $26.5 million to expand its Stamford offices where it currently employs a workforce of more than 700 workers. The company’s Downtown Stamford office is located at RFR Realty’s 177 Broad St., a 16-story 197,000-square-foot office building.
In return, the online jobs site could receive up to $22 million in low interest financing and tax credits in connection with the deal. The Connecticut Department of Economic and Community Development will provide a 15-year, $7 million low-interest loan to support the expansion, specifically for new equipment and leasehold improvements. Indeed is also eligible for up to $15 million in tax credits through DECD’s Urban and Industrial Sites Reinvestment Tax Credit program, and loan forgiveness if certain employment obligations are met.
A company spokesman said the firm plans to expand its operations at 177 Broad St. by an additional two floors (approximately 27,000 square feet) to eight floors overall. The company will upon completion of the expansion occupy 131,577 square feet at the building, which constitutes its entire Connecticut operations. The company’s New York City operations are housed at the Hippodrome building at 1120 Avenue of the Americas.
“This is a significant win for Connecticut’s economy and a testament to the quality of our workforce,” said Connecticut Gov. Dannel Malloy. “Indeed is an innovative, high-tech company that has been steadily growing services and adding hundreds of new, good-paying jobs, going from a handful of employees over a decade ago to 700 working in Stamford today. The company is now poised to significantly expand again, and we welcome the company’s capital investment in our state and the growth of hundreds of high-quality jobs that will follow.”
Indeed’s online job site connects job seekers to millions of employment listings in more than 60 countries and 28 languages. The website is utilized by more than 200 million people each month, according to the company.
Stamford Mayor David Martin said Indeed’s decision to expand in the city shows that Stamford is attractive to tech businesses. “We have been working hard to make Stamford more business-friendly, and provide new residents and companies the opportunity to work, live, learn, and play in the city,” he says.
The company was founded by Paul Forster and Rony Kahan in Austin and Stamford in 2004. The firm, a subsidiary of Recruit Holdings Co., Ltd., employs more than 5,000 workers worldwide. In addition to its Austin, Stamford and New York City offices, the firm also has U.S. operations in San Francisco, San Mateo, CA and Seattle. Indeed has international offices in Amsterdam, Dublin, Düsseldorf, Hyderabad, London, Paris, Sydney, Tokyo and Toronto.
Dave O’Neill, Indeed’s chief financial officer, said the firm found “a great talent pool in the State of Connecticut” that has allowed it to grow its operations there. “Our Stamford employees are the face of the company to hundreds of thousands of our customers, and helped lay the groundwork for our global expansion. It is a huge advantage for us to have access to a well-educated, tech-savvy employee population that is attracted by the high quality of life in the area,” he added.
Editor, Real Estate In-Depth