In another blow to downtown San Francisco's recovery, shopping mall giant Westfield is surrendering a major office and retail complex to lenders.
Shopping mall giant Westfield is walking away from its namesake shopping center in San Francisco, in another blow to the city’s downtown core.
The San Francisco Chronicle reported Monday that Westfield has stopped making payments on the Westfield San Francisco Centre’s $558 million loan, and Westfield confirmed in an email that it is in the process of transferring ownership to its lender to allow them to appoint a receiver. Read more: Downtown San Francisco became the epicenter of Silicon Valley’s boom, but now it must be reinvented
The upscale Westfield mall in downtown San Francisco was renovated in 2006 and includes about 800,000 square feet of space, including about 240,000 square feet of office space, according to Trepp.
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