On Monday, July 9, growing social-networking giant Pinterest moved its headquarters from Palo Alto to San Francisco, the company announced.
Employees vacated the company's headquarters at 635 High St. after CEO Ben Silberman signed a lease for the new building in San Francisco's South of Market (SoMa) neighborhood, citing the appeal of reasonably priced office space and the city's available technology talent as reasons for the move. The neighborhood also houses the headquarters of social-games juggernaut Zynga and Airbnb, an online room-rental service.
According to Pinterest spokesman Barry Shnitt, the company has officially signed a short-term lease for 572 7th St. at Brannan Street and has plans to expand that space in the future. The company also considered the former offices of the San Francisco Bay Guardian and the old Hamm's brewery building on Bryant Street as possible new sites.
The company has been headquartered in Palo Alto since it was founded in 2010. Pinterest allows users to collect photos and "pin" the images into categorized collections, or boards. Users can create multiple pinboards, which can be shared with followers.
Though the site currently requires an invitation for access, it has experienced rapid growth in recent months. Data released in a study conducted by online sharing resource Shareoholic says Pinterest has beat out Twitter, StumbleUpon, Bing and Google (not Google organic) in referral traffic as of March 2012. Additionally, Pinterest became the fastest stand-alone website to have 10 million users after its public launch in May 2011, according to digital business tracker comScore.
Response to the company's move to the city has been positive.
"I am thrilled to welcome Pinterest to the 'Innovation Capital of the World,' and am pleased that our efforts to attract and retain the industry's best and most innovative companies are working," San Francisco Mayor Ed Lee said in a statement. In another statement, Silberman added that "(Pinterest) is pleased to now call one of the world's great cities home."