Pinterest Pays $89.5 Million To Abandon Upcoming Lease In San Francisco | WHAT REALLY HAPPENED

Pinterest Pays $89.5 Million To Abandon Upcoming Lease In San Francisco

Things are going so great in California that Pinterest just paid $89.5 million to cancel its 490,000-square-foot lease at the upcoming 88 Bluxome project in San Francisco.

The company blames working from home as a result of the pandemic as the reason for abandoning the lease - but we're sure the state's rising taxes, impending real estate market crash and conversion of the property to a temporary homeless shelter in March likely helped contribute to the decision making.

Either way, Pinterest wanted out of the lease so badly they were willing to fork over a hefty sum to ensure they would not be held to it. The company's total lease obligations for the property would have amounted to $440 million.

Pinterest's CFO told the San Francisco Chronicle: “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.”

Webmaster's Commentary: 

Looking at the dirty drug-infested hole into which the City of San Francisco has allowed itself to fall, can one blame Pinterest for breaking its lease?!?

The short answer is, hell no!!

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