San Francisco Dealt Another Blow as Westfield Walks Away From Downtown Mall Property
- Property in heart of downtown to be handed over to lenders
- Mayor says move was expected as owner plans to exit US market
A shopper enters the Westfield San Francisco Centre.
Photographer: Michael Short/BloombergThe owners of the Westfield San Francisco Centre mall are giving up the property to lenders, adding to deepening real estate pain in a city struggling to bring back workers and tourists after the pandemic.
The mall, co-owned by Unibail-Rodamco-Westfield and Brookfield Corp., has $558 million in outstanding mortgage debt. Management will be turned over to a receiver.