Overview
- The lenders acquired the downtown San Francisco property at a public auction after no other bids were submitted.
- They foreclosed on roughly $560–$566 million in debt that had been in default for more than two years.
- CBRE has been hired to market the asset, with a formal listing expected next week.
- The mall’s valuation fell from about $1.2 billion in 2016 to a $290 million appraisal by late 2022, with later estimates indicating further decline.
- Tenant departures, including Nordstrom in 2023 and Bloomingdale’s in spring 2025, have left the Market Street complex largely empty.