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Pinterest will not renew its lease at 410 Townsend St. in San Francisco when it expires in 2023, the San Francisco Business Times reported.
Pinterest occupies two floors in the four-story, Clarion Partners-owned Townsend Street property, an estimated 40K SF, based on a recent LoopNet listing of the space.
The building is located in San Francisco’s South of Market district.
Pinterest currently occupies two other spaces in the city, 505 Brannan St. and 651 Brannan St., which combined cover 270K SF occupied by the tech company.
The company planned on leasing 490K SF at 88 Bluxome St. in 2020 but backed out of the deal as a result of the pandemic amid the shift to hybrid and remote work.
Meanwhile, the city’s office woes continue, impacting residential rents in and around Downtown, and resulting in projections that the city could lose $200M by 2028 if the office market is unable to recover.
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