Commercial real estate owners are beginning to offload troubled office buildings at drastically reduced prices, signaling that the office market slump is entering a new phase where more landlords are ready to accept losses.
Blackstone recently sold Griffin Towers in Santa Ana for $82 million – 36% less than its 2014 purchase price – according to people familiar with the matter. Principal Financial Group also unloaded a Parsippany, NJ building for $14.3 million after paying $52 million in 2008.
The tower at 350 California Street in San Francisco was valued at approximately $300 million last year; however, it’s expected trade now will be around 80% lower than that previous valuation ($60M).
Listings of available office buildings have increased as investors seek exits from their investments: “Office inventory is growing,” said Steven Jacobs, president of online auction platform Ten-X . “Investors want out.”
CBRE Signs Three Office Leases for Workplace360 Sites in Minneapolis–St. Paul
CBRE has expanded its Workplace360 footprint in the Minneapolis–St. Paul region, finalizing three separate office leases to support its advisory
Steve Griffin
September 22, 2026
