SAN FRANCISCO—Pinterest, a social-media website that is known for trendy recipes, outfit and home inspiration, art, and more terminated its lease for a large office in San Francisco.
The company leased 88 Bluxome, located near the 4th and King Caltrain Station, which had served as Pinterest’s San Francisco headquarters. Since the pandemic started, most of Pinterest’s employees working from the office shifted to work-from-home jobs, which eliminated the company’s need to maintain a lease on such large headquarters. Pinterest will keep its smaller city offices.
“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,” said Pinterest CFO and Head of Business Operations, Todd Morgenfeld, in a public statement on August 28.
Pinterest leased the 490,000-square-foot office building, since 2019. Due to the company’s decision to terminate lease prematurely, Pinterest had to pay the building’s termination fee of $89.5 million, according to Bloomberg News.
The now-empty office space is expected to be converted into a modern high-rise complex next. When completed, it will have two high-rise offices, retail shops on the ground floor, 12 indoor tennis courts, and multiple swimming pools, states a description on TMG Partner’s website, the owners of 88 Bluxome. The new plan for the building is still in the design process, and the opening date currently remains unknown.