The current Bay Area tech-company office boom appears set to squeeze yet another swath of San Francisco citizens.
Per a report in the Chronicle, Pinterest – which moved into the city in 2012 – has set its sights on larger digs in the Showplace Square Design District. The four-story SFDC campus building is currently fully occupied:
Dozens of tenants in the San Francisco Design Center building at 2 Henry Adams St. face likely eviction if the landlord is successful in obtaining the approvals needed to convert the 311,000-square-foot building into Pinterest’s headquarters.
“The market is changing and the landlords are seeing dollar signs,” Supervisor Maria Cohen said. “They want to push everyone out. That kind of displacement sickens me, and it’s the kind of displacement that has San Francisco in a crisis.”
The managers-owners of the building, Bay West Development and RREEF in Chicago, recently obtained approval from The San Francisco Historic Preservation Commission for landmark designation of the building. As Chroncile staff writer J.K. Dineen explains, approval of that status would allow for a zoning-change loophole.
A West Bay Development exec promises that current tenants, many of whom are now on month-to-month leases, would be helped should such a transition occur and they are unable to afford an across-the-street move. Dineen does a good job of covering all the bases here (some tenants are in favor of a Pinterest arrival). The reporter also shares an ominous observation from Jeane Reynolds, GM of American County Floors and a current building tenant:
[H/T: Pam Grady]
“It’s not a good sign when some guys show up to measure your back door.”