One of San Francisco’s most notable office towers, the 48-story building at 101 California Street near the Embarcadero, has been listed for sale. The property, which spans 1.2 million square feet and houses tenants such as Goldman Sachs, Morgan Stanley, and Chime, is being offered at an asking price of approximately $900 per square foot. This puts the total value at more than $1 billion. Prior to the pandemic, its estimated value was over $1,000 per square foot.
Eastdil Secured is handling the marketing of the building on behalf of its owners. Hines developed and manages 101 California Street and holds a minority interest in it—less than 10 percent. The majority stake belongs to GIC Private Limited, Singapore’s sovereign wealth fund, with additional ownership by the Hong Kong Monetary Authority.
The property underwent a significant renovation in 2023 costing $75 million that included upgrades to the outdoor plaza and lobbies as well as new hospitality-style amenities.
This listing comes during a period when San Francisco’s office market is recovering from high vacancy rates and reduced sale prices following the pandemic. The building is considered one of San Francisco’s landmark properties alongside others like the Ferry Building, One Maritime Plaza, and Transamerica Pyramid. The last major transaction involving a similar marquee property was in 2020 when a New York-based investor purchased the Transamerica Pyramid.
The decision to put 101 California on the market has raised questions among industry observers about timing amid ongoing recovery efforts in the local office sector.
“We’re all kind of scratching our heads — why would you sell now, when there’s all these positive anecdotes coming out about the market?” one unnamed market participant told the outlet. “At the same time, it’s a really rich price. It’s a billion-dollar price point, with a $750 million loan.”
Another anonymous source suggested that bringing such an asset to market signals confidence in San Francisco’s commercial real estate outlook.
Ultimately, whether or not this sale goes through could serve as an indicator for future activity within San Francisco’s downtown office landscape.
