>selling or ending the lease early might reflect badly on leadership.

Why? If the lease was signed before the pandemic that gives a very easy "out". It's not like anyone could have predicted the pandemic and the associated shift to WFH. If for whatever reason they signed afterwards, that's just them being dumb.

For example, the last big company I worked for had invested in building out its campus with multiple new flagship bespoke buildings, including during (and not reconsidered due to) the pandemic. It would be quite difficult and/or a loss of corporate face to sell/lease them out.

I'm not saying it's rational, but that doesn't mean it's not sometimes an influential factor.