Tishman Speyer to Sell S.F. Office Complex
Tishman Speyer Properties plans to sell a San Francisco office complex it bought about three years ago that later emptied out in the dot-com bust.
The New York-based developer will use the proceeds from the sale of Market Center to help “fulfill the debt obligation on the property,” a spokesman said. A $160-million loan on the complex matured Feb. 1 and was expected to default.
The 727,242-square-foot complex once served as ChevronTexaco Corp.’s headquarters. Tishman Speyer paid $189 million for the towers in 1999, when the office vacancy rate was less than 5%.
At the end of 2002, the vacancy rate rose to 23% and rents fell to a six-year low.
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