The impending San Francisco exit shouldn’t come as a surprise: Westfield's owners revealed in 2022 it would seek to abandon most U.S. properties.
Westfield is officially giving up on its downtown San Francisco Centre, handing the property over to its lender this month.The mall operator and its partner Brookfield Properties have turned over the property to its lender, blaming diminishing sales and low foot traffic at its stores.
“For more than 20 years, Westfield has proudly and successfully operated San Francisco Centre, investing significantly over that time in the vitality of the property,” the company said in a statement provided to SFGATE.
Westfield and Brookfield Properties ceased payments on the retail complex’s $558 million loan, leaving the undisclosed lender to find a new owner. The impending foreclosure shouldn’t come as a surprise for San Francisco: Westfield owners, Paris-based Unibail-Rodamco-Westfield, it would seek the “radical reduction of financial exposure” in the United States. That includes selling off most of its American malls to refocus on its European properties, a plan that’s reportedly been in motion since 2021.
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