San Francisco, CA
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.
Google Street ViewSome five months later, the longtime home of the Union Bank at 350 California St. has landed its first new tenant.
Advertisement
Article continues below this ad
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.
“We look forward to beginning a new chapter of our long legacy in San Francisco in our new corporate home,” Lombard said.
Advertisement
Article continues below this ad
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.
“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.
Advertisement
Article continues below this ad
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.
Advertisement
Article continues below this ad
San Francisco, CA
Maria Isabel Is a Masterclass in Mariscos and Moles
San Francisco first came to know chefs Laura and Sayat Ozyilmaz through their pop-up Istanbul Modern, and later through their breakthrough Presidio restaurant Dalida. The duo’s success is grounded in their take on Eastern Mediterranean food, which they made a conscious decision to champion 10 years ago.
Fast-forward to 2026, and now Laura is taking on a personal project of her own, with Sayat by her side, placing foods from Mexico’s Guerrero and Sinaloa center stage at Maria Isabel. It’s a refreshing menu that combines both Mexican and local ingredients, through the lens of the Ozyilmazes cooking backgrounds.
Reservations are released on OpenTable 30 days in advance, but Laura confirmed that they do take walk-ins depending on space. Smaller parties or solo diners might have better luck sliding in, thanks to the counter in the brighter, “Maria” portion of the restaurant.
The cocktails from consulting bar director Evan Williams are always worth a glimpse, whether at Dalida or at Maria Isabel. They’re well-balanced and have incredible depth and technique behind them. That being said, the team sourced wines from woman-led wine brands such as LOTIS Wines and Amevive Wine, if you’re looking to explore past the usual selections you’ll see elsewhere.
San Francisco, CA
San Francisco considers closing some permanent supportive housing
In San Francisco, homeless advocates are expressing concern as the city considers potentially closing some of its permanent supportive housing sites. As the San Francisco Chronicle reported, homeless service providers reported that the mayor’s chief of health and human services met with housing providers last month that the city was working on a list of potential buildings to be closed.
Multiple homeless advocates told NBC Bay Area they had heard about this proposal and the general approach by Mayor Daniel Lurie’s office to reexamine how the city uses permanent supportive housing.
“This is something that’s been discussed for a few months at this point,” said Christin Evans, a former San Francisco Homeless Oversight Commissioner and current small business owner in the city.
Advocates describe permanent supportive housing (PSH) as a more stable and long term option for people experiencing homelessness, providing a place to live that is directly connected to the health and social services a person needs when transitioning out of homelessness. San Francisco currently has more than 9,000 site-based permanent supportive housing units.
Mayor Daniel Lurie’s press secretary, Charles Lutvak, shared a statement on Thursday, noting, “… our administration is prioritizing tools to get people struggling with addiction into treatment and the path to stability.”
“Permanent supportive housing is a critical one, but we need to make it work better,” Lutvak continued, noting the city is spending $300 million a year while also facing hundreds of millions of dollars in federal cuts.
Lutvak also said it is not determined yet whether the city will be closing permanent supportive housing beds in the coming months.
Still, the conversations so far are enough to have advocates worried.
“Every housing unit you get rid of, you’ve got additional homeless people on the streets,” said Jennifer Friedenbach, executive director with the Coalition on Homelessness.
Friedenbach said there are currently thousands of people on the city’s waitlist to get into permanent supportive housing.
“Permanent supportive housing does work. It has been studied to death, and it is the primary resolution of homelessness that has the highest level of success,” she added.
This conversation about permanent supportive housing units is unfolding as the city already faces a 643 million dollar budget gap. But advocates argue, while housing is expensive, it will cost the city even more to have unhoused people in the city who are disconnected from a place to live or support services.
“We’re cutting really essential services for our most vulnerable san Franciscans, and its actually going to harm our recovery as a city,” Evans said.
San Francisco, CA
San Francisco tops US housing market as homes sell far over asking, report says
The average San Francisco home sold for nearly 90% over the asking price in March, according to Redfin.
The city is now the most expensive metro area in the country.
Artificial intelligence is driving much of those costs, as companies grow and hire, with many requiring staff to work in person.
Housing inventory, on the other hand, isn’t keeping up.
NBC Bay Area spoke with Arrian Binning, an agent with the Binnings Team at Christie’s San Francisco, who said the city is expensive but worth the investment.
“San Francisco is one of the best markets in the world,” Binning said. “I’ve seen supply constriction benefit property owners, so when you’re a property owner in a market that has scarce inventory but also is an engine of growth, that’s kind of the trifecta in terms of investing your hard-earned dollars into a new home.”
San Francisco bumped San Jose out of the top spot.
In San Jose, the median home price in March was more than $1.46 million, about what it was a year ago.
NBC Bay Area’s Kris Sanchez has the full report in the video above.
-
Ohio3 days ago‘Little Rascals’ star Bug Hall arrested in Ohio
-
Arkansas1 week agoArkansas TV meteorologist Melinda Mayo retires after nearly four decades on air
-
Austin, TX1 week agoABC Kite Fest Returns to Austin for Annual Celebration – Austin Today
-
Politics3 days agoDem fundraising giant in the hot seat as GOP lawmakers demand answers over dodged subpoena
-
Science3 days ago‘Dr. Pimple Popper’ Sandra Lee had a stroke last fall. Here’s how the TV doc is bouncing back
-
Politics6 days agoTrump blasts Spanberger ahead of Virginia meetings, says state faces tax base exodus like New York, California
-
Health1 week agoWoman discovers missing nose ring traveled to her lungs, causing month-long cough
-
San Francisco, CA5 days agoPresident Trump terminates Presidio Trust