Pinterest has signed a long-term lease for 83,000 square feet at SL Green’s 11 Madison Ave. to more than double its footprint in Manhattan, N.Y. The company is relocating from 225 Park Ave. S., where it currently occupies 40,000 square feet.

The lease gives Pinterest the entire 13th floor of the 2.3-million-square-foot tower, pushing the building to 92% leased. Asking rent was reportedly $90 per square foot.

JLL’s Evan Margolin, Justin Haber and Michael Berg represented the tenant. Newmark’s Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski represented the landlord.

“We’re excited to welcome Pinterest to 11 Madison Avenue,” said Steven Durels, executive vice president and director of leasing and real property at SL Green. “They join an extraordinary tenant roster.”

The Art Deco tower sits next to Madison Square Park and counts UBS, Sony, Suntory, IMG and Eleven Madison Park among its tenants.

As reported by Bisnow and according to Colliers, this was the largest TAMI-sector lease signed in Midtown South during the second quarter. Colliers also showed that overall Manhattan leasing volume fell 18.9% from Q1, even as the first half of 2025 still outpaced any January through June period since 2014.

Notably, Manhattan remains the country’s most expensive office market. Average asking rents in May were $68.08 per square foot, per Yardi Research Data, which is down 4.5% year-over-year, but still far above other major metros. Moreover, the Manhattan vacancy rate was 15.7%, which is below the national average of 19.4%.

At the same time, new construction is slowing: Just 1.56 million square feet was underway in May — more than 1 million square feet less than the same time last year.