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   From: contact@tiffanyhenyard.com   
      
   The value of 1455 Market St., a huge 1 million-square-foot office   
   complex, has plunged around 80% after the departure of Uber and Block,   
   formerly Square.   
      
   Owner Hudson Pacific Properties bought the 45% stake that it didn’t   
   already own from minority partner Canada Pension Plan Investment Board   
   for $43.5 million, Hudson said in its earnings report this week.   
      
   The pension board previously bought its stake in 2015 for $219 million,   
   five times what Hudson paid this year for the Mid-Market property.   
      
   Victor Coleman, CEO of Hudson Pacific, said in a Thursday earnings call   
   that the pension officials “weren’t willing to put any more capital in”   
   to improve the building.   
      
   “We obviously believe this asset has massive upside,” Coleman said.   
      
   It’s the latest example of a steep price drop for San Francisco’s once   
   high-flying office sector. A vacant building at 995 Market St. sold for   
   a 90% discount, and the city’s office vacancy rate is a record high   
   36.6%.   
      
   San Francisco Business Times first reported the deal.   
      
   Coleman said tenant departures have created an opportunity and   
   prospective tenants include an artificial intelligence company, which he   
   didn’t identify.   
      
   The city of San Francisco is also leasing 157,000 square feet in the   
   building with base rent starting at $40 per square foot, about half of   
   the pre-pandemic office rent average. The city has the option of buying   
   the building in the future.   
      
   Uber has a new headquarters in Mission Bay. Block has kept smaller San   
   Francisco offices and an Oakland hub, but no longer designates anywhere   
   as a headquarters. Reddit and WeWork also closed offices at 1455 Market   
   St.   
      
   The absence of office workers in the Mid-Market neighborhood has crushed   
   local businesses, with sales tax revenue dropping 80% in parts of the   
   area since 2019.   
      
      
   https://www.sfchronicle.com/sf/article/s-f-office-building-value-   
   19438429.php   
      
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