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Blackstone sells office building for half of what it paid (www.bizjournals.com)

submitted 11 months ago by [email protected] to c/[email protected]

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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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[–] [email protected] -3 points 11 months ago

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.