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Pinterest Buys Out of 490K-SF HQ Lease in San Francisco
Pinterest, Inc. terminated its lease for roughly 490,000 square feet of office space at 88 Bluxome St., a one-million-square-foot mixed-use project being developed in San Francisco by Alexandria Real Estate Equities and TMG Partners. Pinterest said it will make a one-time payment of $89.5 million in Q3 2020.
That gets the social media company out from under roughly $440 million in future minimum lease payments for the new HQ space slated to deliver in 2022. Pinterest’s, deal signed in 2019, was the biggest office lease of 2019 and brought the project to nearly 60% pre-leased.
Pinterest’s Todd Morgenfeld says, “As we analyze how our workplace will change in a post-COVID world, we are specifically rethinking where future employees could be based. A more distributed workforce will give us the opportunity to hire people from a wider range of backgrounds and experiences.”
Pinterest’s San Francisco footprint encompasses more than 300,000 square feet at 651 Brannan St., as well as 505 Brannan St. and 888 Brannan St.
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- ◦Lease



