Before the COVID-19 pandemic hit the United States and companies and residents began fleeing San Francisco, Charles Schwab had already decided to move its headquarters to Texas.
Now, two years later, the financial services company's 17-story office building up for sale, as first reported by the San Francisco Business Times.
Charles Schwab still leases the entire building at 211 Main St. in SoMa, an agreement that runs through April 2028. The building was purchased by Blackstone Group in 2017 for approximately $313 million. The asking price is said to be about $400 million, according to the Business Times, which obtained a brochure that said that pricing is 25% below market rate.
While Westlake, Texas, will house the company's new main office, "Schwab was founded in San Francisco and has maintained a longstanding commitment to the Bay Area, which will continue. Schwab continues to hire in the Bay Area and expects to retain a sizable corporate footprint in the city," a company spokesperson told SFGATE.
Even if this sale can’t be blamed on the changing nature of work due to the pandemic, it’s a pattern that’s becoming common in San Francisco. After file-hosting service Dropbox announced a shift to permanent remote work in October 2020, it sold its Mission Bay headquarters — a four-building complex at 1800 Owens St. — for $1.08 billion in April. Tech companies with large office footprints like Salesforce and Twitter are also offloading office space...
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Maybe the city of San Francisco should buy that building and use it to house the homeless
ReplyDeleteThe first one to the roof with his tent gets
the “penthouse” apartment❗️