San Francisco Real Estate Market Takes a Hit with Discounted Sales and Empty Office Spaces.
TL;DR
San Francisco-based real estate developer SKS, partnered with a Korean real estate investor, has been selected by MUFG Americas to purchase the 286,000-square-foot office tower at 350 California St. for a price in the $200-$225 per square foot range, a 75% discount from the $250 million brokers were asking for the property in 2020. The property is currently only 32% leased, with most leases expiring within the next 18 months. The sale could be a bellwether for the city's commercial real estate market, which has been hit by record-high vacancy rates amid the transition to remote work.
Topics:businessreal-estate#commercial-real-estate#mufg-americas#office-tower#real-estate#san-francisco#sks
- Downtown San Francisco Tower to Sell at Massive Discount: Sources The San Francisco Standard
- Downtown SF office building sells for far below estimated value SFGATE
- Bay Area housing market — once fueled by tech — cools amid layoffs Yahoo Finance
- Map of downtown San Francisco shows every empty office space San Francisco Chronicle
- SKS Real Estate said to be buying 350 California St. in San Francisco - San Francisco Business Times The Business Journals
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