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real-estate2 years ago

San Francisco's 350 California Street Sells at Significant Discount

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.