Unibail-Rodamco-Westfield (URW) and Brookfield Properties are preparing to transfer control of Westfield San Francisco Centre, the 1.2 million square foot shopping center in downtown Union Square, to lenders due to challenging operating conditions leading to declines in sales, occupancy and foot traffic. According a statement from URW reported by the San Francisco Business Times , this difficult decision was made as an effort for lenders appoint a receiver who can operate the property going forward.
Currently 45% vacant with sharp sales decline between 2019 and 2022 compared with 66% increase at Valley Fair Mall in San Jose during same period according to Business Times report . Mayor London Breed expressed her thoughts on situation stating “we will have an opportunity pursue new vision for space that focuses future of downtown”. This move marks potential shift away from US market by URW & Brookfield Properties while providing chance create something new & exciting for city’s residents & visitors alike
