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11/14/25
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San Francisco Centre & Emporium, a landmark, 1.2 msf mixed-use property in downtown San Francisco, has been put on the market. It is being offered by a Deutsche Bank and JPMorgan Chase-led consortium of lenders, who acquired the asset for $133 mil in a foreclosure auction held just this month.
The iconic asset, located at the intersection of Market, Mission and Fifth Streets, was previously owned by a group that included Westfield and Brookfield Properties, who gave the property back to Deutsche Bank and JPMorgan -- their lenders -- in 2023 due to financial challenges. That group ended up with the property after the auction and is now looking to unload it.
The Centre has been struggling to maintain tenants ever since a few years ago when, like many retail properties, it took a hit during the Covid pandemic. The property never recovered and has continued to lose tenants. At present, it is only 9% occupied.
The offering includes the fee simple and partial leasehold interests in the entire property, which spans 5.9 acres and features flagship retail, modern office space, movie theatres, conferencing facilities and structured storage. The site offers direct subterranean access to BART and is situated along the iconic Powell Street Cable Car line.
Originally developed in 1988 by retail visionary Sheldon Gordon, the property’s most recent expansion introduced the nation’s largest Nordstrom, a destination that helped define San Francisco’s retail core for more than three decades. The Emporium Building, reconstructed in 1908 following the 1906 earthquake, remains one of the city’s most recognized architectural landmarks.
San Francisco Centre & Emporium represents a rare opportunity to reposition or redevelop one of the most significant urban properties in the United States. Investors and developers can transform the existing structure or pursue a new mixed-use vision within the existing 400-foot height limit.
“Amid renewed civic leadership, three consecutive years of positive population growth and surging demand from artificial intelligence and technology firms, San Francisco Centre & Emporium is uniquely positioned to anchor the next chapter in downtown San Francisco’s recovery,” said Kyle Kovac, executive vice president of CBRE’s Capital Markets team in San Francisco.
Kyle Kovac and Mike Taquino are leading the sales assignment on behalf of the owner, along with Kurt Altvater and Kati Thabit.
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