?????????????? This week in Bay Area business: CRE sales, an interview with the Lyft CEO and a $62 million Tahoe pad
San Francisco Business Times
The San Francisco region's source for local business news & events. Part of the American City Business Journals network.
Do buyers or sellers tell you more about the health of a market? Is profit or loss the bigger story?
This week we saw some big Bay Area real estate sales, including some hefty discounts, and a record breaking Lake Tahoe transaction. And then there's a pending sale at San Francisco's maligned former Westfield mall.
We also have an interview with the Lyft CEO who has steered the company to profit for the first time.
Elsewhere there's a new chairman to welcome the sports mega events coming to the Bay Area, the collapse of a boring company and a gold rush for banking talent.
All this and more in another week in Bay Area business.
San Francisco's largest mall is headed for the auction block by Alex Barreira
Downtown San Francisco’s former Westfield mall is scheduled for a foreclosure auction in November, opening the door for the city’s largest mall to formally change hands.
The 1.4 million-square-foot retail and office property will be sold to the highest bidder at public auction Nov. 14. Read the full story .
Lyft CEO David Risher took the wheel, and now the company is turning a profit by Owen Thomas mas
Former Microsoft and Amazon executive David Risher was focused on running the nonprofit ebook distributor, Worldreader . Then he got a call from a fellow Lyft board member that changed the path of his life and the direction of the company. Read our exclusive interview .
Downtown S.F. home of Ross Dress for Less to hit the market in latest sell-off by investor by Sarah Klearman learman
799 Market — which features 55,000 square feet of retail space occupied by a bustling Ross Dress for Less — sold for $141.5 million in 2016. Eight years on the price is rumored to be close to a third of that. Read the full story .
Why prolific buyer Prologis is making some sales by Hannah Kanik
Prologis is known for snapping up industrial sace, not offloading it. But the San Francisco-based firm has just sold a 112,620-square-foot warehouse in Hayward. Could further sales be on the line?
“We are bullish on the Bay Area," said Darren Kenney who heads Prologis' capital deployment for the U.S. West region.
But what does this say about the wider market right now? Read the full story .
The week in real estate
Boring company shuts down, but its technology lives on by Sara Bloomberg
领英推荐
Petra, a San Francisco startup that was developing tunnel boring technology, has shut down. Legally known as ArcByt Inc., the company had raised $49 million in funding and counted Tesla co-founder Ian Wright among its C-suite when it was valued at $105 million back in 2022.
Despite widespread interest in the firm's technology, it ultimately ran out of cash and sold intellectual property and equipment to another boring company that recently won the $1 million Startup World Cup. Read the full story .
With Super Bowl, World Cup and NBA All-Star Game on the way, sports group brings on new chairman by Ron Leuty
The Bay Area has a sporting future. A Super Bowl, the FIFA World Cup and the NBA All-Star Game are on their way. But what will this sporting big game excess mean for the local economy?
"San Francisco is on a path to recovery," said Noah Wintroub (He/Him) , the global chairman of investment banking at 摩根大通 and the new chairman of the Bay Area Host Committee . "If we host big events, there's a big economic surge." Read the story .
Bank mergers trigger executive shuffle in hiring frenzy by Mark Calvey
Bay Area bank failures and mergers have led to a stampede of financial institutions courting talent to pursue growth opportunities amid the upheaval. The travails of Silicon Valley Bank and First Republic in 2023 have seen rival banks to pursue clients and talent. Read the full story .
Tahoe mansion sale sets new record by Ted Andersen
The Lake Tahoe home built by casino magnate Steve Wynn shattered local sales records when it changed hands recently. The five-acre property on Tahoe's "Billionaire's Row" counts Meta founder Mark Zuckerburg among its neighbors. Take a look inside .
ICYMI here's what else you need to know
Moonshots and Doom Loops ?????????
This weekly Bay Area business? round-up is written by Simon Campbell , special projects editor at the San Francisco Business Times .
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Have a great week.