Pinterest Inc. canceled a large office lease at a building to be constructed near its San Francisco headquarters, marking one of the most significant moves yet by a big tech company to scale back real estate plans in the city amid the Covid-19 pandemic.

“As we analyze how our workplace will change in a post-Covid world, we are specifically rethinking where future employees could be based,” Todd Morgenfeld, Pinterest’s chief financial officer and head of business operations, said in a statement Friday.

The social-sharing service is paying an $89.5 million termination fee to terminate its lease for 490,000 square feet (45,500 square meters) of space. It will keep its existing offices in the city.