San Fran City Office Wants Out of Lease Due to High Rent

By Daniel Walker | March 22, 2024

San Fran City Office Wants Out of Lease

In a significant real estate development, the City and County of San Francisco is seeking to terminate its lease at 1155 Market Street, citing high rents amidst a declining real estate market.

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via CNBC

The 11-story building, owned by the nonprofit LightHouse for the Blind and Visually Impaired, has served as a space for several city departments, including the Office of the Treasurer & Tax Collector, the Mayor’s Office of Disability, and the Department of the Environment.

48 million dollar mortgage

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via CNBC

The Board of Supervisors' rejection of a five-year lease renewal at the property has led to the building being put into special servicing due to concerns of a potential default on a $48 million mortgage scheduled to come due in January 2025.