"San Francisco's 350 California Building Sold at Steep Discount"

San Francisco-based office developer SKS Real Estate Partners has bought the former Union Bank building on California Street in the city's Financial District for less than $225 per square foot, about 75% lower than the property had been offered for in 2020. The deal is likely to disappoint those hoping for a housing developer to convert the 300,000-square-foot building to apartments or condos. SKS Real Estate Partners specializes in repositioning underused properties and is not in the residential development business. The pending deal is being celebrated as a market-defining transaction that will establish a comp of what an empty Financial District office building is worth in the post-pandemic city.