Tech company Yahoo! Inc. will move from Santa Monica to the Playa Vista area of Los Angeles this fall, Los Angeles Mayor Eric Garcetti announced today.

“This move proves that L.A. is accelerating as a center of technology and entertainment, to the benefit of our overall economy and every Angeleno,” Garcetti said.

Yahoo! has signed a lease for about 130,000 square feet at the Collective Campus in Playa Vista. According to the mayor’s office, 400 jobs will be moving from Santa Monica to Los Angeles with the company’s shift.

“We worked hard to identify the right office situation for Yahoo! in Southern California to better match our space and collaboration needs,” according to Ken Goldman, chief financial officer of Yahoo!. “While we have always had a presence in Southern California, working out of the city of Los Angeles is a priority for us now more than ever. In the fall of 2015, teams currently based out of our Santa Monica office will transition to our new Playa Vista campus.”

L.A. City Councilman Mike Bonin, who represents the Playa Vista area, called the area “a perfect home for smart, innovative tech firms, and Yahoo! will add to a growing energy and spirit as Playa Vista becomes the real hub of Silicon Beach.”