San Francisco office tower sells at steep discount

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SUPREME COURT DECIDED THAT HER GENES IMPLY THAT SHE GAVE CONSENT. THE RULING WAS OVERTURNED IN 2008, AFTER YEARS OF OUTRAGE. >>> IT WAS ONCE THE HOME OF SEVERAL BUSINESSES, BUT IT JUST SOLD AT AN EYE-POPPING DISCOUNT. THE NEW OWNER OF THE BUILDING BOUGHT IT AT 90% OFF THE PRICE THAT'S 04 IN 2016. JUST ONE OF THE SIGNS THAT THE CITY IS STILL STRUGGLING WITH MASSIVE OFFICE VACANCIES DOWNTOWN. BUT AS NBC BAY AREA'S SERGIO QUINTANA REPORTS, THERE IS A SIGN THAT A TURNAROUND MAY BE COMING. >> Reporter: AT THE CORNER OF MARKET AND SIXTH STREETS, IS THE HISTORIC DAVID HUGHES BUILDING. RIGHT NOW IS EMPTY WITH A LARGE FOR LEASE SIGN POSTED OVER THE ENTRANCE. JUST A COUPLE OF YEARS AGO, THIS WAS A BUSTLING OFFICE SPACE. BUT TODAY, IT'S A SURPRISE FOR PEOPLE WHO LIVE AND WORK NEARBY. >> USED TO BE, IS TO BE VALUED AT $62 MILLION. AND THEY JUST SOLD IT FOR $6.5 MILLION. >> DANG. THAT'S COOL. THAT'S FINE. >> Reporter: BIG DISCOUNT . >> YEAH. >> WILL -- THAT'S A SIGNIFICANT DROP. >> IT MADE HEADLINES AS ONE OF THE FINEST TOWERS IN SAN FRANCISCO. TODAY, IT'S MAKING HEADLINES FOR DIFFERENT REASONS. IT SITS JUST ACROSS THE STREET FROM THE GOLDEN GATE THEATER, BUT IT'S ALSO ON THE EDGE OF THE TENDERLOIN NEIGHBORHOOD AND >> DAB IN THE MIDDLE THE MARKET AND SIXTH RECORDER, AN AREA OF THE CITY HAS BEEN BATTLING TO MAKE SAFER. >> LET ME TELL YOU SOMETHING, MAN. THIS IS A MOVIE IN PROCESS. I'M DEAD SERIOUS. IT'S JUST AMAZING, THE THINGS THAT GO ON THROUGHOUT THE DAY. >> Reporter: THE DEEPLY DISCOUNTED PRICE COULD BE AN OPPORTUNITY FOR THE NEW OWNER, BUT IT ALSO DISPLAYS THE DIFFERENCE IN PRICE IN SAN FRANCISCO REAL ESTATE OVERALL. FOR THE SAME PRICE OF THIS 15 FLOOR TOWER WITH ABOUT 4000 FEET OF OFFICE SPACE PER FLOOR, SO ONE CAN BUY THIS THREE-STORY -- HOME ON UNION STREET NEAR RUSSIAN HILL. OR FOR A COUPLE MILLION MORE, AND JUST THREE BLOCKS AWAY ON MARKET STREET, A TWO STORY PENTHOUSE IN THE LUXURIOUS FOUR SEASONS BUILDING. FOR COMMERCIAL REAL ESTATE EXPERTS, THE BARGAIN PRICE OF THE USE BUILDING AND OTHERS DOWNTOWN MAY ALSO REPRESENT A SIGN OF A TURNAROUND FOR THE CITY. >> I THINK -- AS IT RELATES TO THE PRICE OF OFFICE SPACE IN SAN FRANCISCO, AND THIS GROWING CONVICTION OF A RECOVERY SYSTEM -- STORY. >> Reporter: ALEXANDER QUINN RESEARCHES PROPERTIES. HE'S SAYS -- HAVE BEEN ON THE UPSWING OVER THE LAST YEAR. THAT INCLUDES COMPANIES LOOKING TO RELOCATE FROM OTHER PARTS
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Channel: NBC Bay Area
Views: 48,731
Rating: undefined out of 5
Keywords:
Id: 2c53CL_LZkA
Channel Id: undefined
Length: 2min 46sec (166 seconds)
Published: Thu Apr 25 2024
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