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S.F. office tower that was sold at a steep discount lands first new tenant

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S.F. office tower that was sold at a steep discount lands first new tenant


The Swig Co. and SKS Partners purchased 350 California St. in downtown San Francisco in August at a steep discount. Now, the office building has its first new tenant.

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Some five months later, the longtime home of the Union Bank at 350 California St. has landed its first new tenant.

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The Swig Co. and SKS Partners — the joint venture that acquired 350 California St. for $61 million at the end of August — announced Tuesday that it has signed a long-term lease with affordable housing developer Bridge Housing, which is planning to relocate its headquarters to the building.

“The San Francisco market’s reset creates a tremendous opportunity for nonprofits, growth companies and other mid-size users to solidify their place in the city’s office ecosystem,” said Paul Stein, managing partner of SKS. “This is good for tenants and landlords as well as the long-term outlook for our local economy moving forward.” 

Bridge was founded in San Francisco in 1983 and is currently headquartered two blocks over from 350 California, at 600 California St.

In a statement provided to the Chronicle, Bridge CEO and President Ken Lombard described 350 California as a “first-rate building with extensive amenities that will provide a comfortable, healthy and productive environment for the BRIDGE Housing team as we pursue our affordable housing mission.

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“We look forward to beginning a new chapter of our long legacy in San Francisco in our new corporate home,” Lombard said.

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The developer did not immediately respond to a message seeking additional comment, and it is unclear what motivated the relocation at this time.

According to 350 California’s new owners, Bridge will move its headquarters to the building’s 16th floor, which spans about 16,105 square feet.

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“One of the reasons we like the building, and a motivating factor for us as an investor, is that we believe the 16,000-square-foot floor plates hit a sweet spot sought by the widest range of tenants in the current market and for the foreseeable future,” said Connor Kidd, Swig’s CEO.

The tower itself encompasses roughly 300,000 leasable square feet, a third of which is still occupied by its previous owner, Mitsubishi UFJ Financial Group.

MUFG acquired a stake in what was Union Bank starting in the 1990s before selling its operations to U.S. Bancorp last year. The global financial group first listed 350 California for sale in 2020, and at that time sought $250 million for the building. 

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But like most other buildings in San Francisco, the COVID-19 pandemic and subsequent rise in office vacancy in San Francisco has caused building values to plummet. In the months leading up to the pandemic, the city recorded a vacancy rate in the single digits — by year-end 2023, vacancy spiked to 35.9%. 

MUFG selected Swig and SKS as the building’s buyer in May, and at the time agreed to a short-term lease back of some of its office space. 

The building’s high-profile sale came as two other office towers traded in what is known as fire sales to local buyers with “patient capital” — in other words, investors who aren’t expecting a quick profit, but instead are looking further down the road.

And in September, Peninsula-based investor Roger Fields picked up the 355,000-square-foot 550 California St. property that once housed Wells Fargo Bank for just over $40 million, or $114 per square foot — less than half of what it was worth nearly two decades ago.

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Sam Smith’s San Francisco Residency Charts New Course for the Castro

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Sam Smith’s San Francisco Residency Charts New Course for the Castro


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Sam Smith has kicked off his residency at the Castro Theatre in San Francisco, with the singer’s 20-date stint helping to officially usher in a new era for the historic landmark.

First erected in 1922, the Castro closed in 2024 for a reported $41 million renovation project. But the century-old Spanish-style Baroque theatre is open for business — and music — once again, with its gilded ceiling and ornamental walls restored to its original design, while seating is now reconfigurable for different events, including 650 seats that can be removed to create more standing room space (like for Smith’s concert). More importantly, city officials hope the re-opening of the Castro Theatre will also help revive the predominantly queer neighborhood it sits in, which shares a name with the venerable venue.

“Do you guys realize how special this street is?” Smith asked the sold-out crowd, during night two of their residency last week. “I grew up in a village in the middle of f-ckin’ nowhere,” they shared. “I was the only gay in the village and yes I was very dramatic about it as well,” they added with a laugh.

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“There is nothing like this street and nothing like the Castro and the community here,” Smith said. “I’ll never forget coming here when I was 20 years old, so reopening this theater now is such an honor.”

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Tickets to Smith’s Castro residency quickly sold out when the shows were first announced but you can still find stubs on sites like StubHub, Vivid Seats and SeatGeek. New users can use the promo code THR30 to save $30 on orders of $300 and up at VividSeats.com. SeatGeek customers can use promo code HOLLYWOOD10 to save $10 at SeatGeek.com.

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Smith’s San Francisco stint follows their “To Be Free: New York City,” residency which took place last fall at Brooklyn’s historic Warsaw club. Other artists set to play at the Castro this spring include Father John Misty, José González, Santigold and Lucy Dacus. The Castro will also help celebrate the 50th anniversary of the LGBTQ-themed Frameline Film Festival this June.

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Smith’s residency runs until March 14.

According to tourism officials and local businesses, Smith’s new Castro residency and the reopening of the theatre has already helped to bring in a number of new visitors to the area. Mat Schuster, the executive chef and owner of long-time neighborhood fixture, Canela, says business has been “very busy” in the last few weeks, crediting Smith’s show with bringing out new diners to the Spanish restaurant, which has been on Market Street since 2011. Other local hotspots like wine bar Bar49, the San Francisco outpost of Hi Tops, and the women’s sports bar, Rikki’s (named after Gay Games Federation founder Rikki Streicher), were all packed on a recent evening following Smith’s Castro concert.

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According to San Francisco Tourism, the reopening of The Castro Theatre is poised to deliver “meaningful economic gains” to the surrounding neighborhood, which some stats estimating that the venue will draw more than 200,000 visitors annually.

With the Castro Theatre now open again, local officials are looking ahead to other upcoming celebrations, including a planned reimagining of the Castro and Market Street intersection into The Memorial at Harvey Milk Plaza, honoring the first openly gay elected official in California (and the inspiration for the 2009 Sean Penn film). Milk’s legacy is already enshrined at the San Francisco airport of course, with terminal 1 at SFO renamed as the “Harvey Milk Terminal;” the new memorial is scheduled to be completed by 2028. The annual Castro Street Fair, meantime, a community street celebration founded by Harvey Milk in 1974, will take place on the first weekend of October.

The reopening of the Castro comes amidst a busy few months for San Francisco, which recently saw a number of athletes and celebrities in town for the Super Bowl. Steph Curry’s new speakeasy, The Eighth Rule, was among the hotspots over the big game weekend and the basketball star’s bourbon-forward bar continues to be a hot reservation in the city. Opened in the fall, the bar is tucked away in a nondescript hallway inside the Westin St. Francis hotel in Union Square, offering an intimate and exclusive setting for the Golden State Warriors point guard’s Gentleman’s Cut Bourbon, which can be ordered on its own or as part of a six-course omakase-style cocktail tasting (we loved the clarified coconut milk punch and the truffle-vanilla whiskey sour). Of course, guests can also order cocktails a la carte, choosing from different bourbons and whiskeys, plus a full selection of other spirits.

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Next door to The Eighth Rule is Bourbon Steak San Francisco, the latest outpost of Chef Michael Mina’s award-winning steakhouse. The restaurant marks the celebrity chef’s return to the Westin St. Francis, where he opened his first eponymous restaurant in 2004. In addition to its selection of steaks, seafood and caviar offerings (like Mina’s famous “caviar twinkee”), this Bourbon Steak outpost offers a family-style dining experience for six people, available through advance reservations. This is the only Bourbon Steak location to offer this communal table format.

New this month is the highly-anticipated opening of JouJou, an elevated French brasserie concept from the owners of the two Michelin-starred Lazy Bear. Located in the city’s Design District, JouJou is poised to be the next celebrity hangout, with its ornate dining room and marble-topped counters setting the scene for steak frites and star sightings alike. As chef David Barzelay told the San Francisco Chronicle when asked about the inspiration for JouJou: “It always feels like you’re just in a place where it’s happening.”



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San Francisco, Oakland report warmest February morning on record

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San Francisco, Oakland report warmest February morning on record



Saturday morning in the Bay Area was muggy and mild, if not warm. Temperatures only cooled down to the upper 50s to low 60s across much of the Bay Area – five to 15 degrees above average for late winter.

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For San Francisco and Oakland, it was a record warm start to the last day of the month. With temperatures only dipping down to 62 in San Francisco, it was the warmest morning in recorded history during the month of February, and those records go back to 1875. The old record was 61° in 1985. 

Oakland’s old record was also in 1985, when the low was 60°. Now Oakland’s new record for warmest February morning was set on Saturday, with a low of 61. It was also extremely muggy, with dew points in the upper 50s and humidity over 90%.

Why? It mostly has to do with the extremely warm blob of water sitting off the Bay Area’s coast. It’s technically called a “Marine Heatwave” and the one we are currently dealing with began in May 2025.

Normally this time of year, ocean temperatures are near 53 degrees – but it was about 57 near the Golden Gate Bridge as of Saturday morning.

Warmer ocean water warms up the air above it, and then winds carry the warmer air over land and warms us up. The warmer water also increases evaporation, raising moisture content in the air (aka humidity).

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So now you know, you can blame the warm blob of ocean water for the reason it was so muggy.



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Sunset Night Market makes official return to San Francisco

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Sunset Night Market makes official return to San Francisco




Sunset Night Market makes official return to San Francisco – CBS San Francisco

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