Pinterest Officially Signs 83K-SF Lease at 11 Madison Avenue

Visual discovery and social media platform Pinterest has signed an 83,000-square-foot lease across the entire 13th floor at SL Green Realty’s 11 Madison Avenue, the landlord announced. 

The length of the lease is 11 years and the asking rent was $90 per square foot, a source close to the deal told Commercial Observer. Pinterest is relocating from its office roughly seven blocks away at 225 Park Avenue South, where it currently occupies 40,000 square feet. The New York Post first reported this news. 

“We’re excited to welcome Pinterest to 11 Madison Avenue,” Steven Durels, executive vice president and director of leasing and real property at SL Green, said in a statement. “They join an extraordinary tenant roster.”

Pinterest was represented by Evan Margolin, Justin Haber and Michael Berg of JLL, while SL Green was represented by Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski from Newmark. JLL did not immediately respond to a request for comment. Newmark declined to comment. 

There had been talk of Pinterest taking over the Madison Avenue space back in May, but nothing was finalized at the time.

11 Madison Avenue is a 30-story, 2.34 million-square-foot office tower between East 24th and East 25th streets in Manhattan, just east of Madison Square Park. Other notable tenants of the building include financial institution UBS, media giant Sony, and Japanese beverage company Suntory. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.