Pinterest pays $89.5m to scrap San Francisco office lease

Pinterest has forked out $89.5m  (£67m) to scrap a lease for approximately 490,000 sq ft of office space to be built near its current headquarters in San Fransisco. The company announced in a statement that it will continue to lease the buildings it currently occupies as its headquarters and ditch its new office plans, in a move that will save the company $440m of future lease payments. The company said coronavirus has led the company to re-evaluate its workspaces. Pinterest chief financial officer and head of business operations Todd Morgenfeld said: “As we analyse 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.” To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette