An empty 16-story office building at 995 Market Street in San Francisco recently sold for a mere $6.5 million. This price represents a staggering 90% plunge from its 2016 value of $62 million. The building, which was once home to Burning Man headquarters and later occupied by WeWork, has faced significant challenges in the city’s struggling office market. With a vacancy rate of 37%, the steep discount reflects the current realities of commercial real estate in San Francisco.
This is still one of the most insane deals I've seen…
An office tower in San Francisco's Mid Market area shockingly sold for 90% LESS than what it last traded for
The previous owner paid $62M in 2018 for the 90k SF building
It was recently acquired by a Starwood affiliate… pic.twitter.com/1kTGnJ9C6G
— Triple Net Investor (@TripleNetInvest) June 26, 2024