Pinterest will pay nearly $100 million to consolidate its office space in a newly announced restructuring effort, as detailed in a recently filed Securities and Exchange Commission filing.
The company plans to close its offices at 505 Brannan St. and 149 Bluxome St. in San Francisco, but will retain its headquarters at 651 Brannan St.
This is in addition to the layoff of 4% of employees – the company began layoffs in February.
The new plan will “support the company’s business strategy, improve efficiency and position the company in light of the ongoing macroeconomic environment,” the filing reads. The costs will mainly be related to negotiating lease terminations.
“We made the decision to strategically reduce our square footage in selected locations to better align the way Pinterest employees work with our goals for business efficiency and sustainability,” said a statement from Pinterest to SFGATE.
The San Francisco Business Times reported that the company would not renew its two-story leases at 410 Townsend St. in December 2022.
As of publication, Pinterest has not responded to SFGATE’s request for comment.
The company has about 1,700 employees in the Bay Area, according to LinkedIn.
Pinterest was one of the first major San Francisco tech companies to pay millions to clear office space during the pandemic, paying nearly $90 million to end an office lease at 88 Bluxome. The company had planned to move some operations to the new building prior to the pandemic, but after the company pulled out and other legal battles ensued, the building has yet to begin.
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