123 Mission Street, sometimes referenced as the Pacific Gas & Electric Building, is a 124 m (407 ft) 29 floor skyscraper in the SOMA neighborhood of San Francisco, California, completed in 1986. The tower was developed by Shorenstein Properties and designed by Skidmore, Owings & Merrill.
In 2018, Northwood Investors of New York bought the building $290 million."[4]
History
Completed in 1986, the tower was developed by Shorenstein Properties and designed by Skidmore, Owings & Merrill.
It was owned by Northwood, LLC, which acquired it for $300 million from the Chinese insurance company, HNA Group in 2018.[5] Juul announced in June 2019 that it had purchased 123 Mission Street, while maintaining an existing space on Pier 70.[6] The deal was "one of the largest in San Francisco history for a tech company that doesn't specialize in real estate."[7] The building was worth an estimated $400 million.[8]
In November 2019, Juul laid off 23 employees at its new 123 Mission Street Office[9] and was considering selling the building, which it had acquired for $397 million.[10]
As of May 2023, during what the San Francisco Chronicle described as "Downtown San Francisco['s] worst office vacancy crisis on record," 123 Mission Street had a vacancy rate of 89.9%.[11]
Features
The tower is 28 stories, with 363,000 square feet of real estate.[4]
See also
References
- ^ "Emporis building ID 118727". Emporis. Archived from the original on March 7, 2016.
- ^ "123 Mission Street". SkyscraperPage.
- ^ 123 Mission Street at Structurae
- ^ a b "Juul Just Bought A 28-Story Office Tower On Mission Street Worth an Estimated $400 Million" Archived 2019-06-19 at the Wayback Machine, SFist, Jay Barmann (June 18, 2019)
- ^ "China's Debt-Ridden HNA Group Sells San Francisco Tower for $300 Million". Bloomberg. 2018-05-29.
- ^ "In Battle With Juul, San Francisco Becomes First City To Ban E-Cigarettes", Forbes (June 18, 2019)
- ^ "Juul, the San Francisco e-cigarette startup that city officials want to kick out, is trying to buy a 29-floor office tower in the heart of the city", Business Insider, Megan Hernbroth (May 1, 2009)
- ^ "Juul bought a San Francisco office tower for $400 million. It's reportedly considering selling it just 5 months later", Business Insider, Katie Canales (November 24, 2019)
- ^ "Juul's massive layoffs include 245 workers in Bay Area", San Francisco Business Times, Dawn Kawamoto (November 25, 2019)
- ^ "Juul contemplates sale of its recently acquired SoMa skyscraper", San Francisco Business Times, Dawn Kawamoto and Blanca Torres (November 21, 2019)
- ^ Li, Roland; Devulapalli, Sriharsha (2023-05-08). "Downtown S.F. has 18.4 million square feet of empty office space. We mapped every vacancy". San Francisco Chronicle. Retrieved 2023-05-20.
