Downtown San Francisco office building sells for far below estimated value

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Downtown San Francisco office building sells for far below estimated value

Tessa McLean, SFGATE
May 8, 2023



A view of 350 California St. in San Francisco. The office tower recently sold.
Google Streetview

A downtown San Francisco office building has reportedly sold for roughly 75% less than its previously estimated value, a bad omen for the sagging commercial real estate market.

350 California St., which was first listed for sale in 2020, sold to SKS Real Estate Partners for somewhere between $60 million and $67.5 million, according to a report by the San Francisco Business Times.

The Financial District building is mostly empty — Union Bank, which occupied about 75% of the building, has largely vacated the 22-story tower.

This wasn’t the first time the owners of 350 California tried to sell the property. In 2021, bidding for the building never surpassed $180 million and owners took it off the market, according to the Wall Street Journal. In 2019, the property was estimated at around $300 million, brokers told the publication.

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Written By
Tessa McLean
Reach Tessa on https://twitter.com/mcleantessa
Tessa is a Local Editor for SFGATE. Before joining the team in 2019, she specialized in food, drink and lifestyle content for numerous publications including Liquor.com, The Bold Italic, 7x7 and more. Contact her at [e-mail].