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SAN FRANCISCO – The San Francisco Centre, a once-bustling hub of commerce in the city’s downtown, has been sold.
The 1.2 million-square-foot property, which is the largest mall in the city, has been sold to San Francisco developers Presidio Bay and Prado Group, which have formed a joint venture to take ownership of the property.
The sales price is not known.
What we know:
Presidio Bay is a commercial real estate investment and development firm that focuses on commercial, residential and mixed-use projects in states across the country.
Prado Group is a privately held real estate investment and development company that focuses on urban residential, retail, office and mixed-use properties in California.
The San Francisco Centre, known in years past as Westfield and Emporium, among other names, has been in a steady decline since previous owners Unibail-Rodamco-Westfield and Brookfield Properties defaulted on their loan and stopped making mortgage payments in 2023. Anchor tenant Nordstrom left the same year.
The backstory:
The mall in Sept. 2025 was reportedly 95% empty, and continued to lose retailers and restaurants in its food court.Â
While the mall’s business has flagged in recent years, the area surrounding the property has seen something of a renaissance with new shops popping up — some through the city’s Vacant to Vibrant revitalization program, but also stores that are looking to stick around for the long-term, like the Union Square Nintendo store, which opened in May, 2025.