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Westfield San Francisco Centre's owners are walking away from the mall, which is the city's largest, and letting lenders take it over. The mall contains the historic Emporium department store.
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The value of Westfield Centre, the largest mall in downtown San Francisco, has dropped by almost $1B. The half-empty 1.5M SF Union Square mall has been appraised at $290M, a 75% loss compared to a.
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Gabrielle Lurie/The Chronicle San Francisco Centre, the city's biggest mall, is losing yet another retailer with the closure of shoe store Adidas. A marketing email said the store will close on.
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Westfield San Francisco Centre will be given up to its lender as the mall's owner pulls out from the Downtown San Francisco property that's been hit by a string of economic shocks. Most recently, the mall was rocked by the announcement in May that Nordstrom would not renew its lease, leaving a huge hole across five floors of the mall. The mall.
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The mall, located at 865 Market St, is among the city's largest shopping centres. In a statement, to the San Francisco Chronicle, which was the first to report news of the planned closure, the.
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Westfield San Francisco Centre: One of the best shopping malls in San Francisco, Westfield Centre is located just two blocks from Union Square and features more than 170 alluring boutiques. Inside, you'll find Bloomingdale's and the second-largest Nordstrom in the country, as well as Betsey Johnson, Herve Leger, Kenneth Cole and H&M. Delightful sit-down and quick-serve restaurants stand poised.
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The large, upscale mall and office building, formerly known as Westfield San Francisco Centre, was refinanced by a group of Wall Street banks in 2016 in a transaction that sliced up the 10-year.
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Westfield San Francisco Center, San Francisco, California. 74,349 likes · 54 talking about this · 214,265 were here. The premiere shopping destination in the heart of San Francisco, offering fashion.
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San Francisco Centre is the one-stop destination for shoppers and diners in San Francisco. Visit us today to discover more!
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Westfield San Francisco Centre ended up winning the "Best-of-the-Best" award for design and development; it was one of only four shopping centers in the world to win. In 2011, the San Francisco Police Department considered putting a substation in the mall to prevent rampant shoplifting.
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Westfield is just the latest high-profile business to abandon the city. According to a tally from the San Francisco Standard, twenty retailers near San Francisco's Union Square have closed their.
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May's announced closure of Nordstrom, the Westfield San Francisco Centre's anchor department store, was perhaps the final straw, but the shopping center had been steadily losing smaller tenants since 2020. An analysis by The Standard shows that 45 stores, or 46% of the mall's 97 pre-pandemic retailers, have closed since 2020.
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San Francisco Centre's value falls $1B after Brookfield, Westfield default. Appraisal for $290M represents a 75% loss for the mostly empty mall in Union Square
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Mayor Breed says city will release design of idea. Westfield is giving up its namesake San Francisco mall in the wake of Nordstrom's planned closure, surrendering the city's biggest shopping.
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San Francisco's most troubled shopping center has taken a heavy beating: The San Francisco Centre mall at 865 Market St. is now valued at 75% less than it was in 2016, The Real Deal first reported.
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Westfield, which has owned the downtown San Francisco Centre mall since 2002, said this week that it was handing it back to its lender.. Westfield said that San Francisco Centre was an outlier.