Pinterest in Talks to Lease 80K-SF Office at 11 Madison Avenue

Social media platform Pinterest might be taking a good chunk of office space in the Flatiron District.

Pinterest, a virtual pinboard where users can make collections and shop for ideas, is in negotiations to sign a lease for roughly 80,000 square feet at SL Green Realty and PGIM Real Estate’s 11 Madison Avenue, according to a source with knowledge of the deal. Bloomberg first reported the news.

The lease is not finalized, and it’s unclear whether the deal would represent a new location or a relocation for Pinterest, which signed a lease for 32,000 square feet at 475 Fifth Avenue near Bryant Park in 2015, as Commercial Observer previously reported.

Spokespeople for Pinterest, SL Green, PGIM and Newmark, the broker on the deal, did not immediately respond to requests for comment. A spokesperson for CBRE, which represented Pinterest in its 2015 deal, also did not respond.

If the deal goes through, Pinterest will join several other tenants at the 30-story building between East 24th and East 25th streets, including spirits conglomerate Beam Suntory and investment bank Credit Suisse, as well as fine dining restaurant Eleven Madison Park in the retail space.

The San Francisco-based Pinterest, which has seven other offices across the country, is just one of the many tech giants taking office space in New York City following the COVID-19 pandemic, including Amazon.

The e-commerce giant signed a 330,000-square-foot office lease at 10 Bryant Park last month, and just last week it was revealed Amazon paid roughly $456 million for an entire office building at 522 Fifth Avenue.

Amazon also dropped $1.14 billion in 2020 to buy the former Lord & Taylor flagship at 424 Fifth Avenue to open a 2,000-person office, as CO previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.