Westfield is surrendering control of its namesake shopping center in the heart of downtown San Francisco to its lender, according to a published report, adding to the exodus of major companies and retailers leaving the city.
SAN FRANCISCO -- Westfield is surrendering control of its namesake shopping center in the heart of downtown San Francisco to its lender adding to the exodus of major companies and retailers leaving the city.
"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," Westfield said in a statement.
Westfield's parent company, French commercial real estate company Unibail-Rodamco-Westfield, announced plans last year to sell off two dozen of its U.S. malls, including the San Francisco Centre, to focus exclusively on the company's European properties. "New ownership will provide an opening for this iconic space to bring in new energy and new innovative programming to meet new audiences as the area continues to adapt Post-pandemic," said Rodriguez. These opportunities are clearly not possible under the current situation. Also, it is important to note that at the moment, this news represents no loss of jobs nor closing of individual tenants.
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