Sale of Vornado and Trump Owned Iconic 555 California Now On Hold

555 California Street seen right of center555 California Street seen right of center, image courtesy @veryrealandrew

Once the tallest building in the west of the United States, 555 California Street still stands out in the San Francisco skyline half a century later. The 1969-era skyscraper has long been symbolic of the city’s Financial District, second only to the Transamerica Pyramid. Currently, the building is majority-owned by Vornado Realty Trust, holding 70% of ownership, with a 30% partnership deal with the President’s Trump Organization. Vornado announced this week that they have temporarily ceased efforts to sell the building, as well as the 1290 6th Avenue tower in Manhattan, also part-owned by the President’s company, stopping the search for a potential $5 billion transaction. If made, the Trump Organization stood to gain $1.5 billion. Efforts to sell are expected to restart in 2021.

Current tenants include Kirkland & Ellis, McKinsey & Company, Microsoft, Morgan Stanley, Qatar Investment Authority, and UBS and retail locations with Bank of America and Starbucks.

555 California Street, image by Andrew Campbell Nelson

555 California Street, image by Andrew Campbell Nelson

The 52-floor structure is currently the fourth tallest in San Francisco and the Bay Area. 555 California yields 1.5 million square feet, with 38 elevators. The distinctive carnelian granite-clad behemoth is a design by SOM’s Pietro Belluschi in collaboration with Bernardi & Emmons.

The building is in the heart of the business district, opposite St Mary’s Square and three blocks from Chinatown’s Portsmouth Square Plaza. The Montgomery Street BART station is just four blocks south.

The property was last valued in Spring with a worth of $1 billion.

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