If you happen to be part of a hot startup and you want to be around other hot startups you no longer wade through the tech legacy of Palo Alto, California instead you head to San Francisco. Social media darling Pinterest packed its bags this week and left Palo Alto to work alongside other big names in the social industry including Twitter, Zynga and Airbnb.
After Pinterest packed up and moved to San Francisco Mayor Ed Lee who has made landing top tech firms a top priority proclaimed:
“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.”
The social pinning network leased some short-term space at Seventh and Brannan streets but is planning a long-term relocation to the SoMa district.
Mayor Lee also noted that Pinterest is expected to witness some “immediate growth” but what that means is still unclear.
The move is smart on Pinterest’s part, after threatening to leave San Francisco Twitter was able to receive some sizeable tax breaks while moving into a more spacious office building. With tech a top priority in the city Pinterest can expect to negotiate excellent tax terms in the future.
Pinterest is now part of a long list of company’s to leave Palo Alto for San Francisco and surrounding areas. The most recent move came from Facebook who headed into the old Sun Microsystems campus in Menlo Park after an extensive refurbishing project.
In the meantime Mayor Ed Lee celebrated the occasion with the launch of his own Pinterest profile.