Nearly six years after its owner listed it for sale, the Juul-owned 123 Mission St. office tower in San Francisco may finally have a buyer. The San Francisco Business Times reported that lender Affinius is in talks to sell the debt backed by the property to Madison Capital, which has invested $800 million in the Bay Area since 2017.
The electronic cigarette maker acquired 123 Mission in June 2019, paying $397 million for a tower in which it planned to host its rapidly expanding workforce. However, its fortunes changed as its products came under government scrutiny, and it announced in early 2020 that it would move its headquarters to Washington, DC.
Juul listed 123 Mission for sale at the beginning of 2020, launching what would become a multiyear, stop-and-start effort to sell the building. Separate deals to sell to PGIM and to Pimco, which was working with Lane Partners, both fell through in 2020.
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