The implosion of downtown San Francisco—hollowed out by hybrid office workers and facing an exodus of retailers with a death of foot traffic—continues at a steady clip.
On Monday, Unibail-Rodamco-Westfield (URW) disclosed it has stopped making payments on $558M in debt for the Westfield San Francisco Centre, the largest shopping mall in the city.
The company said the 1.2M SF mall at 865 Market Street near Union Square will transfer to receivership. The Westfield Centre, currently 55% occupied, is jointly owned by URW and Brookfield Properties, which acquired a stake through its acquisition of Forest City.
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