A venture of Prudential Financial Inc. and Barker Pacific Group Inc. hopes a cash infusion of about $20 million is enough to bring a zombie office building in San Francisco back to life.
Zombie buildings, which have been mushrooming throughout the commercial real-estate landscape, are those that are worth less than their mortgages and are deteriorating in value because neither the owner nor lender is willing to infuse new capital to retain existing tenants or attract new ones.
The 43-story office building at One Sansome St. was suffering these types of problems until recently.
... "At some point, after you've tried a few times, you stop bringing your clients to the building," said Steve Barker, an executive vice president in San Francisco with Studley, a real-estate-services firm, and no relation to Michael Barker. "Broadway couldn't do anything with it because their basis was too high." ...
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