Pinterest, whose users “put” photos and websites in divisible collections and sell advertisements amid the pins, said its lease obligations for the Bluxome project would have been at least $440 million. 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. In May, video-sharing app TikTok signed a 10-year lease for 232,000 square meters in the Thirst Organization`s One Five One skyscraper in the first major Manhattan office contract since the acquisition of COVID-19 in March. 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. “Pinterest is actively recruiting a number of roles and we are evaluating our strategy for more geographically distributed staff, which affects our office needs,” a Pinterest spokesperson told Commercial Property Executive.
“We explored alternatives to office occupancy in Bluxome St. 88 and agreed with the developer to terminate the lease.” Pinterest has terminated the lease for the 88 Bluxome tower project in San Francisco, which is here in an artist`s representation. This press release may contain forward-looking statements within the meaning of Section 27A of the amended Securities Act of 1933 and Section 21E of the Exchange Act of 1934, as amended, about us and our industry, which involve significant risks and uncertainties, including statements of our future operational and financial performance. Words such as “believe,” “project,” “may,” “appreciate,” “continue,” “anticipate,” “intend,” “wait,” “plan” and similar expressions must identify forward-looking statements. These forward-looking statements are only predictions and may differ materially from actual results due to a large number of factors submitted to the SEC in our latest Form 10-K or 10-Q. All information contained in this press release is based on the information available to us at the time of this press release. We do not undertake to update this information unless required by law. 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. 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.