Pinterest's Big Lease
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Social media giant Pinterest plans to pin down a whopping 200k SF of extra space in S.F. next year, sources tell us. (You know that space will have the best decorating tips known to the Internet.)
The DIY-friendly startup, and its 140-plus employees, operates out of a SoMa warehouse complex at 7th and Brannan (the "Pinstitute," as they call it). It's unclear when the company needs the extra 200k SF chunk. CBRE is repping Pinterest. Neither party responded to a request for comment. The company raised $225M this fall and plans to cash in big on a promoted pins model.
We sat in on a workspace discussion at Worktech last month; Pinterest brand manager Everett Katigbak (second from right) joined the company from Facebook and noted that an exec's example sets the stage for a company's culture for years to come. Pinterest was only founded in 2010 by Ben Silbermann, Evan Sharp, and Paul Sciarra. (That's like a millenium in tech years.)
So just how hard is it to find big blocks that size these days? We asked JLL's Greg Fogg, whose brokerage just came out with a report saying there are five blocks of space over 200k SF in the city. There are fewer (four) options for companies looking for 100k to 199,999 SF blocks. Companies looking for 30k to 49,999 SF are in luck; they have 34 to choose from.