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650 Cal: Who Wants It?

San Francisco Office

We're hearing Tishman's newly renovated trophy property is not seeing the normal, frenzied bidding of other recent deals. Here's why.

Last year Tishman spruced up the 1960s-era building with a big lobby makeover, clearly prepping the property for sale. Now price talk is $600 to $650/SF, which is less than some recent and quick trades in the city like 188 Embarcadero. Despite 650 sitting on the market for a while, sources don't think a buyer has been picked yet. One potential reason is the location; its uphill placement on California in the Financial District is a tricky one and removed from the hullabaloo of downtown. In Q1 rent jumped more than 5% over the year to $59.23, according to Cushman & Wakefield stats (tenants include Credit Suisse and Littler Mendelson). Eastdil, who's marketing the 585k SF building, didn't respond to a request for comment.