Blackstone sells office building for half of what it paid
Blackstone sells office building for half of what it paid
www.bizjournals.com /sanfrancisco/news/2023/10/02/blackstone-650-7th-lba.html
Office vacancy in Frisco is over 34%.
"An affiliate of New York investor Blackstone sold the 82,862-square-foot office building at 650 7th St. in San Francisco’s Showplace Square neighborhood to Southern California investor LBA Realty for $25.35 million, or roughly $305 per square feet, in a deal that closed September 28. Blackstone purchased the property nearly seven years ago for $50.47 million, or approximately $609 per square feet — about double what it is now letting the building go for. "
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This may be bout sf's charming tent cities which crowd the sidewalks, full of dangerous fentanyl addicts, who shit in the streets, more than anything else.