Pinterest Nixes Big San Francisco Lease Deal in Covid Scaleback

San Francisco bay

One of the most significant moves yet by a big tech company to scale back real estate plans in the city amid the Covid-19 pandemic.

September 21, 2020
Sophie Alexander - Bloomberg

Pinterest Inc. canceled a large office lease at a building to be constructed near its San Francisco headquarters, marking one of the most significant moves yet by a big tech company to scale back real estate plans in the city amid the Covid-19 pandemic.

“As we analyze how our workplace will change in a post-Covid world, we are specifically rethinking where future employees could be based,” Todd Morgenfeld, Pinterest’s chief financial officer and head of business operations, said in a statement Friday.

The social-sharing service is paying an $89.5 million termination fee to terminate its lease for 490,000 square feet (45,500 square meters) of space. It will keep its existing offices in the city.



714.701.9180

Arrange No Cost Consultation










Subscribe to Construction Defect Journal

Construction Defect Journal Archives - Recent CD News for Construction Claims Professionals

 

Construction Defect Journal is aggregated from a variety of news sources, article submissions, contributors, and information from industry professionals.

No content on this site should be construed as legal advice or expert opinion. By viewing this site you agree to be bound by its terms and conditions

 

Copyright 2020 - Construction Defect Journal – All Rights Reserved