Pinterest finalizes 60,000-square-foot San Francisco lease in SoMa
By Blanca Torres, San Francisco Business Times
The ink on Pinterest’s new lease in San Francisco is now dry, making the firm the lastest social media company to plant its headquarters in the city’s sizzling South of Market district.
The online social network where people connect over images, videos and other objects they “pin” to virtual posting boards finalized a lease for 60,000-square-feet in 808 Brannan with landlord Flynn Properties Inc.
Pinterest will transfer its operations from Palo Alto in a move heralded by San Francisco Mayor Ed Lee in early July.
In Lee’s statement, Pinterest CEO Ben Silbermann was quoted saying, “We’re pleased to now call one of the world’s great cities home. Thanks to Mayor Lee, his team and everyone who has helped make this move possible.”
The fast-growing service, founded in 2008, raised $100 million in May.
Real estate observers had rumored for some time that Pinterest wanted to move to San Francisco, but it’s exact home and size here were unknown.
“It’s yet another powerful sign of how San Francisco has reaffirmed its position as the hottest market for social media companies,” said Greg Flynn, head of Flynn Properties, a division of San Francisco-based Flynn Holdings, which also owns Apple American Group, the largest franchisee in the Applebee’s restaurant system.
The property consists of two buildings, at 808 Brannan and 572 7th St., that Flynn bought in September of 2011 for just more than $7 million from a lender that had foreclosed on the previous owner, Georgiou Studio.
In the time since, Flynn Properties invested more than $3 million to upgrade and refurbish the building, which features the popular brick and timber “creative space” look.
The building is within a few blocks of the headquarters and offices of other social media and tech firms including Zynga (NASDAQ: ZNGA), Twitter, AirBNB and Adobe (NASDAQ: ADBE).
Pinterest was represented by Charlie Withers and Mark Geisreiter of CAC Group. Flynn Properties represented itself.
