We're not prepared to call it a "doom cycle" yet, but that's the term some analysts are beginning to attach to downtown San Francisco, where a fire sale of office towers has begun to accelerate in the hollowed-out city center.
Two more downtown office properties have been listed this month with pricing that reflects collapsing office valuations in San Francisco.
CBRE Investment Management is shopping a 138K SF office building at 123 Townsend Street which is 73% leased to PayPal. The property, which is being marketed by Newmark, is expected to get offers around $90 million, well below the $140M CBRE Investment paid for it in July 2020, according to a Green Street report.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
