The UK arm of social media company Pinterest is closing in on a deal for its next London HQ at UK House in Fitzrovia, W1, owned by Watermark Holdings.
Pinterest UK is under offer to take the 29,655 sq ft third floor of the building for a rent in the mid-£100s per sq ft.
The move would see the company leave its current base in flex operator Fora’s Brock House at 19 Langham Street, W1, where it is understood to have a lease for around 10,000 sq ft.
The news follows Estates Gazette’s reporting last year when the company launched its search following a restructuring plan.
According to the UK company’s accounts, profit fell from more than £1.4m in 2022 to £972,908 in 2023, following which the company made “a slight workforce reduction and abandoned select leased office spaces”. Until October 2023, the company had been based at 100 New Bridge Street, EC4.
According to a written statement in the accounts from company director Suli Lin, the aim of the restructuring plan was to “adjust [sic] office space footprint to better align with the needs of the company’s flexible work model”.
The building is expected to complete in July, at which point Pinterest could start work on a fit-out ahead of a move in 2026.
JLL are advising Pinterest on the search, while Monmouth Dean and Newmark are advising the landlord.
Image by Souvik Banerjee from Pixabay
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