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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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San Francisco eyes new pickleball court sites

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San Francisco eyes new pickleball court sites


As pickleball popularity grows, so does the demand for courts – and the debate over the sport’s noise factor.

NBC Bay Area’s Sergio Quintana shows us how San Francisco is trying to meet the demand without upsetting residents in the video report above.



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Skaters push back as San Francisco plans to demolish iconic Vaillancourt Fountain

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Skaters push back as San Francisco plans to demolish iconic Vaillancourt Fountain


A growing group of skaters is pushing to preserve the Vaillancourt Fountain after the City of San Francisco announced a multimillion-dollar renovation plan that would remove the structure made of concrete square pipes.

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Zeke McGuire started skating at the age of 10, and he grew up skating at the plaza and near the fountain.

“To see it go would be devastating,” McGuire stated. “I’ve been coming here my whole life. I’ve skated those stairs. I’ve been injured on those stairs.”

He’s skated on every inch of the Plaza, including the ledges of the Vaillancourt Fountain, which was completed in 1971. It’s impossible to miss, with its boxy concrete tubes that stand about 40 feet high.

It’s been the backdrop of more skateboard videos than anyone could count.

“It’s extremely awesome,” McGuire said. “There’s people all across the world that come to San Francisco to skate here specifically. So for it to be gone, people would come here to visit and it wouldn’t be here anymore, so I would say get it in before it’s gone.”

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San Francisco Recreation and Parks announced the Embarcadero Plaza Renovation Project last year. It is a plan to construct a new waterfront park, which would tear down the structure.

Tamara Barak Aparton with Rec and Parks says that after years of deterioration, the fountain is unsafe.

“The structure is unstable,” Barak Aparton stated. “Hazardous materials are present, and we can’t allow the public access to a space that poses safety risks.”

Historical preservationists, landscape architects, and skate enthusiasts, like Bay Area professional skateboarder Karl Watson, are now pushing back and saying it’s a part of that sport’s history in San Francisco.

“A beautiful monstrosity that needs to stay,” said Watson, describing the fountain.

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He says except for a few exceptions, people didn’t skate into the fountain, just around it.

“The fountain was integral for when we were tired after skating, we needed a place to relax and just enjoy the water flowing and the fountain definitely did that for us,” Watson said.

Now, the fountain is stagnant. The water stopped flowing years ago. In June 2025, it was fenced off.

Feldman was disappointed to see it like this.

“I came down here last week just to see the fencing and I was like ‘oh, they really don’t want us skating here anymore’,” Feldman explained.

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In August, the Recreation and Parks department formally requested permission to remove the fountain from the city’s Civic Art Collection.

But McGuire is hoping people like Watson, and the artist keep fighting. Armand Vaillancourt’s lawyer recently sent a letter to multiple city departments demanding the city cease and desist all efforts to remove his work.

No final decision has been made yet, but if it does go, McGuire hopes they’ll leave something.

“Even if it was to be fully demolished, I think it would be really nice if they kept a little bit of something,” McGuire said. “Or maybe make a part for people to skate.”

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Laver Cup to make San Francisco debut at Chase Center

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Laver Cup to make San Francisco debut at Chase Center


San Francisco is set to host the 2025 Laver Cup at Chase Center from September 19 to 21, marking the first-ever tennis tournament held at the arena and the return of major men’s pro tennis to the city in over a decade. Steve Zacks, CEO of the Laver Cup, says this event showcases tennis like fans have never seen before, featuring a unique team format created by Roger Federer.



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