From Dow Jones & Company:

San Francisco’s largest mall, previously valued at $1.2 billion, saw its value slashed by 75% to $290 million, resulting in a loss of nearly $1 billion since last financed by Wall Street lenders. The mall, formerly known as Westfield San Francisco Centre, was surrendered by owners Westfield and Brookfield Properties in a blow to the city’s post-pandemic recovery plans. The mall had an occupancy rate of 46%, and Nordstrom announced the closure of its flagship store. The Union Square mall has since been renamed the San Francisco Centre, with a receiver appointed to manage the property in October. Westfield’s parent company, Unibail-Rodamco Westfield, has slowed its plans to cut its remaining mall footprint in the U.S. following the news.



Read more: San Francisco’s Westfield mall sees value slashed by 75% — or nearly $1 billion