Just the publicity the SF Bay Area needs!

The good news is that San Francisco's commercial real estate market was prominently mentioned in last week's Business Week cover story: Why This Real Estate Bust Is Different - the bad news is that the feature was about how bad things are.

333 Bush Street - Courtesy of Business Week

In the story, Business Week highlighted the 2007 purchase of 333 Bush Street by Hines Development and another New York based investment fund. At the time, Hines paid the equivalent of $518 a square foot for the property. This was of course before the implosion and eventual bankruptcy of Heller Ehrman, the buildings primary tenant. According to the story, "the building's owners did not make a recent loan payment, and the lender is expected to begin foreclosure proceedings." Ouch...