San Francisco Real Estate Market Takes a Hit with Discounted Sales and Empty Office Spaces.
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.