Westfield Begins Withdrawal From San Francisco Centre, Adding To Ongoing Business Exodus From City

CBS San Francisco

June 13, 2023

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.

The Westfield San Francisco Centre at Market and Fifth Streets is the city's largest shopping mall. Last month, the mall's largest tenant, Nordstrom, announced it and an adjacent Nordstrom Rack store would be leaving the location in August, citing the dramatic changes to "the dynamics of the downtown San Francisco market."

The San Francisco Chronicle reported Westfield's parent company has stopped making payments on a $558 million loan on the property and its partner, Brookfield Properties, started transferring control of the mall this month.

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