The former San Francisco headquarters of Charles Schwab Corp. is officially for sale.
Sources with knowledge of the listing confirmed that the 417,000-square-foot office building, 211 Main St. in SoMa, hit the market last week. The 17-story building sits two blocks from the Embarcadero, overlooking the former temporary Transbay Transit Center site.
San Francisco brokerage Eastdil Secured is handling the listing for landlord Blackstone Group, one of the nation's biggest investment firms. Eastdil could not be reached for comment Monday; Blackstone declined to comment.
Blackstone acquired the property in 2017 from then-owner CIM Group for approximately $313 million, or $750 a square foot, shortly after Charles Schwab inked a lease renewal for the entire building.
According to sources, the asking price is said to be around $400 million, or roughly $959 per square foot.
The financial services company announced in late 2019 that it would be moving its corporate headquarters out of San Francisco to North Texas. That move became official on Jan. 1, when it designated Hillwood's Circle T Ranch in Westlake as its headquarters.
Schwab still leases and occupies the entire San Francisco building, and its lease, signed in 2016, runs through April 2028, according to a brochure for the listing that sister publication San Francisco Business Times obtained. Rent for the property is currently at 25 percent below the market rate, per the brochure.
A spokesperson for Charles Schwab in a statement on Monday that the company was "founded in San Francisco and has maintained a longstanding commitment to the Bay Area, which will continue."
"Schwab continues to hire in the Bay Area and expects to retain a sizable corporate footprint in the city," the spokesperson said.
Charles Schwab has more than 5,100 employees in North Texas — about 2,500 of which work from its headquarters in the town of Westlake. The home base move in January came on the heels of Schwab’s acquisition of TD Ameritrade in a stock transaction valued at $22 billion last year.
Charles Schwab Corp. is hiring for more than 1,000 new roles in the Dallas-Fort Worth, Texas area, expanding its workforce by about 20 percent.
