SAN FRANCISCO—Before the pandemic, San Francisco’s Westfield Mall, which was once a bustling space for mallrats and an after-school hangout, is dead now. The mall was sold at auction for $133 million on Wednesday, November 12. The lenders, Deutsche Bank and JP Morgan Chase, were the only bidders, acquiring it for $133 million.

In 2016, before the pandemic crisis, San Francisco’s Westfield Mall was worth more than $1.2 billion.

In June 2023, the previous owners and its operators, Unibail-Rodanco-Westfield (URW) and Brookfield Properties stopped making payments on their $558 million loan and walked away from the property because of financial distress. There was also a significant decline in San Francisco downtown’s economic conditions, and strategic decision by URW to exit United States ma

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