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.
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