UBS Relists 455 Market Street, San Francisco Financial District Tower, at ~$400/SF

UBS Realty Investors is making another attempt to sell its Financial District office tower at 455 Market Street, pricing the 347,000-SF, 23-story asset at close to $400 per square foot — implying a total value of roughly $139 million — as Bay Area office transactions begin to accelerate after a prolonged slowdown.

The listing marks the second time in nearly four years that the financial services giant has sought to divest the San Francisco property. The renewed offering comes at a time when investors are showing increased appetite for Bay Area commercial real estate, particularly well-located office assets in urban cores.

Key Details

The property at 455 Market Street sits in the heart of San Francisco's Financial District and spans 23 stories of Class A office space. UBS Realty Investors, the real estate investment arm of the Swiss banking corporation, originally attempted to sell the building approximately four years ago before pulling it from the market.

The current asking price of approximately $400 per square foot — versus roughly $750/SF at the original Summer 2022 listing — positions the asset competitively for institutional investors seeking exposure to San Francisco's recovery trajectory. The building is approximately 70% occupied, with primary tenant Hinge Health holding 53,000 SF through September 2027. Eastdil Secured is marketing the property. According to Bisnow, the relisting coincides with a noticeable uptick in Bay Area office trading volume after years of suppressed activity.

Market Context

The decision to relist 455 Market Street reflects shifting dynamics in San Francisco's commercial real estate landscape. After enduring a multi-year downturn driven by remote work adoption and tech industry restructuring, the Bay Area office market is showing tentative signs of stabilization.

Transaction velocity in the region has begun to climb, with several institutional sellers testing buyer demand at price points that reflect current market realities. The ~$400/SF ask for 455 Market suggests UBS believes the property's Financial District location and tenant profile can attract serious bidders despite ongoing headwinds in the broader office sector.

For commercial real estate professionals, the listing serves as a barometer for investor sentiment toward San Francisco office assets. The building's performance in the marketing process will likely influence pricing expectations for other Financial District towers considering similar strategies.

The relisting also highlights the growing divide between trophy assets in prime locations and secondary office product struggling to attract tenant interest. Well-capitalized investors appear increasingly willing to deploy capital into assets they believe can weather near-term uncertainty, particularly when pricing reflects post-pandemic adjustments.

Market participants will be watching this transaction closely as a data point on where institutional pricing stands for San Francisco office assets.