San Francisco dotcom bust takes real estate landlord down
San Francisco dotcom bust claims new casualty as rents have dropped from almost $80 per square foot in 1999 to less than $30 today, that is if you can find tenants. According to this San Francisco Chronicle story:
Tishman Speyer Properties has put its two-tower office complex at 555 and 575 Market St. in San Francisco on the block after defaulting on a $160 million mortgage, a spokesman said Monday.
...The buildings, which were leased to several dot-coms during the tech boom, are now about 80 percent vacant.