Fintech company Adyen has signed a long-term sublease for 150,000 square feet in San Francisco, taking over the former Pinterest offices at 505 Brannan Street, the biggest office deal so far this year. The deal had been rumored last month, but was confirmed by Adyen in a press release on Wednesday.
The Dutch payment company employees about 2,000 people worldwide, and more than 300 employees will be able to work from its new regional San Francisco headquarters, which will take up all six floors of the building, according to the release. It will occupy the space until the end of 2032, shortly before the Pinterest lease signed in 2015 is set to expire in May 2033.
Pinterest did not reply to a request for comment. The photo-sharing company has been shedding space in the city since 2020, when it walked away from plans to move its headquarters to 490,000 square feet in a mixed-use development at 88 Bluxome Street while committing to a hybrid work model where employees can choose where to work, whether in the office, at home or a co-working space.
At the end of 2022, Pinterest decided not to renew on two floors at 410 Townsend Street. In March 2023, shortly after a round of layoffs, it revealed plans to close its offices at 505 Brannan and 149 Bluxome. Thus far, it has kept its headquarters at 651 Brannan just a few blocks from its other former spaces.
The South of Market location was a big part of the appeal for Adyen, according to the release, as it is near the offices of some of its North American clients, including Meta and Uber. North America was the payment company’s fastest-growing region, according to the release, with net revenues up 27 percent year over year. It has had an office in San Francisco since 2012.
“We’re proud to expand our footprint in San Francisco as a dedicated member of the local business community,” said Davi Strazza, Adyen’s president of North America, in a statement. “We’ve been investing in North America for over a decade, and this lease represents our future ambitions and growth in the market.”
In 2020, Ascenedas, a Singapore-based REIT, bought 505 Brannan and 510 Townsend for $572 million from developers Alexandria Real Estate Equities and TMG Partners. Last fall, plans were filed to put an 11-story vertical addition on top of the building, according to SF YIMBY, adding an additional 25,590 square feet to what would become a 240-foot tower.
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