By Bob Walsh
350 California Street
The address is 350 California Street in San Francisco.
It was valued at $300 million a few years back. They owners feel they
will be lucky to get $60 million for it now. It is way over half empty
with no prospect of new tenants any time soon. It is hard to say how
much of this is caused by things in general and how much of this is
caused by the disgusting quality of life issues in the City by the
Bay.
One of the
interesting by products of this sale is that it is said that if will
likely trigger massive numbers of requests for re-evaluation for tax
purposes of commercial real estate in S. F. It if happens this 80% drop
in valuation could result in a HUGE hit to the finances of the city and
county.
Fuck 'em.
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