650 Cal: Who Wants It?
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.
