Beat Reporter @SFBusinessTimes on SF hospitality, hotels, travel, restaurants, retail & arts | past @sfchronicle @APTokyo
Scoop: Another building in downtown #SanFrancisco heads into receivership. More here: The six-story office building was acquired by investor The Kivelstadt Group (the team that also owns Kivelstadt Cellars winery) during peak office demand in the early 2010s, and it was once home to offices for StumbleUpon (RIP) and Stripe. Now it just might be the latest instance of a property owner handing back the keys rather than continue payments on a loan tied to a potentially significantly devalued building. The loan wasn't supposed to mature until July, but it looks like lenders beat TKG to the punch by accelerating the obligation to December 2023 after the first few months of default, per a recent lawsuit from the bondholders. #cre #bayarearealestate #office #commercialrealestate #bayarea #sanfrancisco #officeleasing #officevacancy #downtownsf