#1,677 - DT San Fran highrise goes from $300 million valuation in 2019 to $60 million sale in 2023

Mitsubishi UFJ Financial Group has listed a San Francisco office tower once valued at $300 million, but now expected to generate offers at about 80 percent less.

The U.S. unit of the Tokyo-based bank has put its 22-story glass-and-stone tower at 350 California Street in the Financial District up for sale, the Wall Street Journal reported. 

The building was valued at $300 million in 2019. Bids are expected to come in from $60 million, commercial real-estate brokers say. 

Before the pandemic, California Street was home to some of the world’s most valuable commercial real estate. Now, in the era of remote work, the city’s office vacancy has jumped to a record 32.7 percent, more than seven times the rate before the pandemic.

Some of the city’s most noted corporate tenants, from Salesforce to Meta Platforms, have sublet offices, flooding the market with square footage. 

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