San Francisco's 350 California Street Sells at Significant Discount
TL;DR Summary
Union Bank has sold its tower in San Francisco for $60 million to $67 million, which is about 75% off the original listing price of $250 million. The sale sets a benchmark for what older office towers are worth in San Francisco's new era of working-from-home and office-downsizing. The $200 to $225 per square foot price will make other deals possible, and it sends cold shivers down the spines of holders of the CMBS that contain the defaulted mortgages of other towers in the area.
- What Are Older Office Towers Worth? Here's the First Sale in San Francisco's New Era of Office CRE WOLF STREET
- SKS Buys 350 California Street in SF, Paying $60M to $68M The Real Deal
- Downtown SF's 350 California building sold at a bargain price San Francisco Chronicle
- Downtown SF office building sells for far below estimated value SFGATE
- Downtown San Francisco Tower To Sell at Massive Discount: Sources The San Francisco Standard
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