Despite the rent price, Pinterest remains attached to his hometown. “We will continue to occupy four buildings in San Francisco and we believe we have enough space to meet our current needs,” the spokesman added. 88 Bluxome is still in development. Ironically, this image came from pinterest. The agreement included a one-time payment of $89.5 million in the third quarter of 2020. This situation will be reflected in Pinterest`s annual accounts as the total administrative and administrative burden of the gaAP to be submitted in the quarterly report on Form 10-Q for the period ending September 30, 2020. Following the termination, Pinterest will no longer be subject to future minimum credit rental payments of approximately $440 million, as announced in previous notifications. But what about the office`s largest vibrating, known as Salesforce? In 2018, Salesforce signed a 15.5-year lease for a total of $774 million in SF`s largest tower. That`s close to $50 million a year in rent for offices and conference rooms that they can`t use now.
Pinterest`s decision to terminate its lease could be an indicator of how other Bay Area technology companies will be able to work in the future. Facebook, Apple and Twitter have already stated that their work-from-home policy could extend into the future, even after the end of the COVID 19 pandemic. Twitter CEO Jack Dorsey has announced that employees will be able to work remotely permanently if they wish. Pinterest, a social sharing site that has been stripped down for stapled revenue, inspiration and much more, has terminated the big lease in San Francisco. SAN FRANCISCO–(BUSINESS WIRE)-Pinterest, Inc. (NYSE: PINS) announces that it has terminated its lease of approximately 490,000 square meters of office space near its current headquarters in San Francisco, California. Instead, the company plans to continue leasing its existing buildings in downtown San Francisco and remain an active member of the local community. In early August, Facebook committed to occupying a 730,000-square-metre office at the Vornado Realty Trust`s Farley Building in Manhattan, marking one of New York S.`s largest leases in 2020. The company will pay US$89.5 million in the third quarter to break the lease. While this is a heavy burden, the payment of nearly $90 million is much less than the $440 million in minimum rent that Pinterest would have had to pay if the campus moved forward. Instead, the company will continue to lease four existing offices in San Francisco, including 651 Brannan St., and pay an exceptional fee of $89.5 million to terminate the Bluxome lease.