When it was first listed in 2020, the asking price for 350 California Street in Downtown San Francisco was $250M. In a sign of the times in the beleaguered city, the office tower now has been sold for about $60M.
MUFG Americas has sold the 286K SF tower at 350 California Street to San Francisco-based developer SKS in a deal estimated at $200 to $225 per SF. A Korean real estate investor is partnering on the deal, according to a report in the San Francisco Business Times.
The 22-story Financial District building is nearly empty. Union Bank, the anchor tenant at 350 California Street, has vacated the building. In 2021, bidding on the building never exceeded $180M and the owners took it off the market.
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