#1,646 - Developer of Massive Downtown San Francisco Tower Gives Property Back to Lender

The developer behind a stalled effort to build a 40-story housing high-rise in Downtown San Francisco has given the property up to its lender in a sign of growing distress in the city’s real estate market. 

Developer Build Inc. has filed a deed in lieu of foreclosure for its One Oak development at 1500 Market St. on the corner of Market and Oak streets, according to city property records. 

Property owners may sometimes choose to give up their properties through this process as an alternative to foreclosure when they default on their mortgages. The news about One Oak was first reported by the San Francisco Business Times. 

According to city records, Build Inc. owed more than $44 million in debt to lender Washington Capital Management Inc. and gave up the property for a nominal $100 fee. Build Inc. and Washington Capital Management did not respond to a request for comment. 

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