Since the beginning of the pandemic, the owners of 13 downtown office buildings, hotels and other major commercial properties have missed loan payments or are otherwise in dire financial straits, a Chronicle analysis finds. Adam Pardee/Special to The Chronicle Show More Show LessĪ harbinger of San Francisco’s possible fiscal calamity is coming into view: Owners are walking away from their emptying, unprofitable downtown buildings.
The owner of Club Quarters Hotel, a Blackstone Group real estate fund, has been delinquent since mid-2020 on paying off a 2017 loan for this building. Adam Pardee/Special to The Chronicle Show More Show Less 9 of9 properties in a portfolio held by landlord Columbia Property Trust, which has defaulted on $1.7 billion in loans for the bunch. The building at 201 California St. is among seven U.S. Adam Pardee/Special to The Chronicle Show More Show Less 8 of9 has defaulted on its loan for this 360,000-square-foot office building. WeWork bought the property for $330 million in 2019 as it expanded and occupies more than one-quarter of the building. Adam Pardee/Special to The Chronicle Show More Show Less 7 of9 By March, a WeWork affiliate was 60 days delinquent on a $17.5 million loan for the 56,000-square-foot office building. Adam Pardee/Special to The Chronicle Show More Show Less 6 of9įor nearly a decade, WeWork occupied seven stories of 25 Taylor St. Columbia sued Twitter, a tenant at 650 California St., in December for allegedly not paying rent, but the case was dismissed in February. Adam Pardee/Special to The Chronicle Show More Show Less 5 of9Ĭolumbia Property Trust, landlord of the 33-story building at 650 California St., which was worth $479 million as of 2021, has defaulted on $1.7 billion in loans tied to a portfolio containing this and another San Francisco property, as well as five in other cities. The owner stopped mortgage payments in June. It and the Parc 55 hotel, both owned by Park Hotels & Resorts, account for around 9% of the city’s total supply of rooms. The 1,921-room Hilton Union Square is the city’s biggest hotel, and reopened in May 2021 after the pandemic forced it to close for 14 months. Adam Pardee/Special to The Chronicle Show More Show Less 4 of9 Remote work, layoffs, departing companies and a growing list of shuttering major retail stores has pushed down the overall value of San Francisco’s downtown real estate. The Yotel San Francisco at 1095 Market St. Adam Pardee/Special to The Chronicle Show More Show Less 3 of9 The owner plans to give up the hotel and stopped mortgage payments in June. The Parc 55 San Francisco, the city’s fourth-largest hotel, reopened in May 2022 after being closed for two years. Adam Pardee/Special to The Chronicle Show More Show Less 2 of9 defaulted on its mortgage during the pandemic. San Francisco VA Medical Center, 4150 Clement StreetĬoordinates: 37☄6'54.36"N 122☃0'18.The former owner of the Hotel Huntington at 1075 California St. When programming your GPS for directions, use one of the following: Patient and visitor parking is located in front of Building 1. Go one mile and turn right at 42nd Avenue onto the medical center grounds. Continue on 25th Avenue for about one mile and turn left on Clement.
Turn left at the traffic light onto 25th Avenue. Continue on 19th Avenue 3 miles and stay in the left lane as you enter Golden Gate Park. Stay in the left lanes and at the first traffic light, bear left onto 19th Avenue. Near San Francisco stay to the left and follow signs to 19th Avenue/Golden Gate Bridge.
San francisco traffic map free#
Patient and visitor parking is located in front of Building 1 and in the free valet parking garage. Continue on Geary for about four miles and turn right on 42nd Avenue, onto Medical Center grounds. Continue on Van Ness approximately ½ mile and turn left on Geary. After crossing Market, stay to the left onto Hayes. At the end of the ramp, bear left onto Harrison for one block and then turn right onto Ninth Street and stay to the left. From the eastĬross the Bay Bridge and exit at Ninth Street/Civic Center. Go about two miles and turn right at 42nd Avenue onto the medical center grounds. At the third traffic light, turn right on Clement Street. Take the Highway 1/19th Avenue exit and go south through the General MacArthur Tunnel which puts you on Park Presidio.
0 kommentar(er)
