P
interest is leaving its WeWork space and moving into a permanent office in Downtown Seattle. The social media company has leased 21,500 square feet of space in Met Park East, a 389,000-square-foot tower at 1730 Minor Avenue. Terms of the deal with landlord Beacon Capital Partners were not disclosed.
The new office features amenities such as a gourmet catering kitchen, fitness center, and outdoor green space. Pinterest entered the Seattle market in 2016 with a sales and engineering office in WeWork, which had grown to employ 55 people within a year.
Seattle's office vacancy rate rose 2.1% year-over-year to 28.2% in the third quarter, but commercial brokers are cautiously optimistic that the worst may be over as companies like Amazon call employees back to the office full-time.
realestate
Pinterest Establishes Permanent Presence in Seattle's Downtown Area
Pinterest to occupy 21,500 sq ft in Downtown Seattle's Met Park East office space.
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realestate
Rockford Housing Market Gains Momentum with New Hispanic Real Estate Partnership
City leaders expect NAHREP to boost Hispanic homeownership rates.
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realestate
Commercial Real Estate Forum Held by Southeastern Association
Sandoval Economic Alliance holds partner luncheon at Quezada's Comedy Club, focusing on commercial real estate.
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realestate
KingSett freezes withdrawals from $1.9 billion flagship private equity fund.
Investors locked into the fund for at least one year due to no cash distributions or redemptions allowed.