San Francisco — Prado Group and Presidio Group Ventures, the prospective buyers for San Francisco Centre, have ended their bid to purchase the 1.5 million-square-foot mall, according to reports from San Francisco Times and San Francisco Chronicle.
The Chronicle cited a joint statement from the potential buyers announcing that they remain “strong believers in the long-term future of downtown San Francisco” and the long-struggling shopping center’s “pivotal importance to Market Street and the broader San Francisco downtown recovery that is underway.”
The partners were planning to transform one of the vacant department stores into office space, and the former fifth-floor movie theater into a concert and events space, with retail still remaining the central component, as reported by media sources.
The center’s previous owners, Unibail-Rodamco-Westfield and Brookfield Properties, defaulted on a $558 million loan in 2023, setting off a wave of retail departures, including anchor tenants Nordstrom, Bloomingdale’s and the Cinemark movie theater. San Francisco Business Times reported that in November 2025, Goldman Sachs and JPMorgan Chase consequently won a foreclosure auction with a $134 million credit bid, taking control of the property. As the remaining tenants vacated, San Francisco Centre officially shut down on January 26 of this year.
Sources say that the plan is for the property to be re-listed for sale. No reason was reported for the collapse of the bid.