Indeed renews leases in Stamford
STAMFORD — The company that touts its mission to “help people get jobs” is set to remain one of the state’s largest corporate employers for the foreseeable future after reaffirming its commitment to its hometown.
Indeed, one of the world’s largest career-services providers, has renewed its office leases in downtown Stamford, where it has added several hundred employees in the past few years. The new leasing deals validate state officials’ decisions in the past few years to make Indeed eligible for tens of millions of dollars in jobs-focused subsidies, reflecting their belief that companies such as Indeed are crucial to Connecticut becoming a hub in the digital economy.
“We are honored to be a part of the Connecticut community,” Indeed said in a statement, in response to an inquiry. “Connecticut offers access to a strong talent pool from across a broad number of occupations. Indeed is excited to continue growing our employee base in Connecticut.”
The company did not make anyone available for an interview for this article.
The lease renewals involve two properties. At 177 Broad St., the company is leasing 150,273 square feet, which the company said is more space than it took previously, but it declined to quantify the increase. A couple of blocks south at 107 Elm St., it doubled its footprint from about 24,000 square feet to approximately 48,000 square feet.
A total of about 1,100 employees are based in those offices, with the company’s “customer success” and sales departments having the largest representation. The Stamford offices comprise the company’s joint headquarters, alongside the other headquarters in Austin, Texas. Worldwide, the company employs about 13,300.
On its website, Indeed describes itself as the “No. 1 job site worldwide,” one that is available in more than 60 countries and 28 languages and receives more than 250 million unique visitors per month.
While the company has maintained a presence in Stamford since its 2004 founding, the state Department of Economic and Community Development’s support in recent years has reinforced its commitment to Connecticut.
In July 2017, Indeed and DECD announced in an event at 177 Broad their first agreement, at which point the company employed about 750 in Stamford. Indeed qualified for a $7 million loan and up to $15 million in tax credits. The loan would be fully forgiven and the maximum amount of tax credits would be delivered if the company creates 500 additional jobs by the end of 2031.
State officials were keen to secure a long-term job commitment from the company, especially since Connecticut was struggling to recover from its 20082010 recession. They were also worried about the possibility of more corporate exits in light of GE’s move in 2016 of its headquarters from Fairfield to Boston.
“The reality is we are competing with other states and other counties and other cities, and we certainly understand that,” then-Gov. Dannel P. Malloy said at the July 2017 event. “I think for a long period of time Connecticut did not understand that and moved entirely too slowly.”
Malloy bristled at those who questioned the deal, adding that, “If people complain about a loan forgiveness that totals that little money for 500 (new) jobs, on top of 750 jobs — most of which grew over the last couple of years in Connecticut — then they should stop reporting on things like GE.”
In 2019, DECD bolstered its support of the company through another jobs-focused contract. Under the 2019 agreement, Indeed qualified for a $10 million loan and $5 million in tax credits. The 2019 loan would be fully forgiven and the tax credits would be disbursed if the company increases its Connecticut contingent to 1,700 employees by the end of 2031.
“Indeed is an important part of Connecticut’s high-tech landscape, and I am thrilled the company chose to invest and grow here,” DECD Commissioner David Lehman, who took the job following Gov. Ned Lamont’s election in November 2018, said in a statement. “Their contributions, however, extend beyond the jobs they have created and the economic benefits they generate for our economy. Indeed is also an active and engaged partner with the state on policy matters and other issues, which is something I really value.”
In contrast with the criticism of state subsidies awarded to companies that have struggled to meet their job goals — most notably, banking giant UBS, which has shed several hundred jobs in Connecticut in the past few years — state legislators on both sides of the aisle appear generally supportive of the state incentives for Indeed.
Stamford Mayor Caroline Simmons, a Democrat, showed her support by attending the July 2017 event. At the time, she was serving as a state representative and co-chairwoman of the legislature’s Commerce Committee.
“Their decision to expand in Stamford demonstrates that our city is a vibrant and attractive place for young people to live and work and for businesses to start and grow,” Simmons said at the time. “We hope we can continue to attract more business growth and job creation like this in Stamford so that we can reduce our unemployment rate and provide more job opportunities.”
Simmons was not available to comment for this article, following several messages sent to a spokesperson. Messages left for a spokesperson for state Sen. Henri Martin, R-Bristol, the ranking Senate member of the Commerce Committee, were not returned.