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Juul Looks to Sell its Vacant SF Tower…Again
Controversial vaping company Juul Labs has relisted its office tower at 123 Mission St. in San Francisco’s financial district, and the $174 million asking price is less than half of what the company paid for the asset in 2019. Juul also tried to sell the building in 2020 for $450 million.
According to the San Francisco Business Times, Newmark holds the listing of the 388,000-square-foot property at $450 per square foot. It won’t be an easy sell, as the debt on the building is much more than the asking price and 123 Mission is currently vacant, both major obstacles for capital sources looking to invest in a struggling market.
A recent CBRE report paints a grim office real estate picture in The City. The vacancy rate in San Francisco reached 25.5% in the third quarter of 2022, and it’s not getting any better with a net absorption rate of -1.3 million square feet.
- ◦Economy
