The State Bar of California announced today that it sold its San Francisco headquarters at 180 Howard Street in the Financial District to Ridge Capital Investors for $54 million. The State Bar purchased the 13-story, 211,000 square foot building in 1998 for $22.5 million.
After establishing a hybrid work model during the COVID-19 pandemic that meant fewer people in the office daily, and in light of repeated concerns expressed by the Legislature about the State Bar’s ownership of the San Francisco building, the State Bar initiated the sale of its headquarters in 2021. The agreement finalized Tuesday allows for the State Bar to remain in the building.
The sale is expected to shore up the State Bar financially. While a State Audit found that the State Bar needed an increase in attorney licensing fees to meet its baseline public protection responsibilities, SB 40, this year’s licensing fee bill, contained no such fee increase. It did, however, grant the State Bar authority to use proceeds from 180 Howard’s sale to address operational needs while the Legislature considers a fee increase for 2025. “The sale of 180 Howard was a prudent and necessary action on our part in these post-pandemic and precarious financial times,” said Leah Wilson, State Bar Executive Director. “This deal helps our finances by allowing us to remain whole through 2024. It also allows us to remain in the building we have called home for 25 years. I thank Cushman & Wakefield, Ridge Capital Investors, and our Board and staff for their considerable efforts in bringing this deal to fruition. I also thank the California Legislature for allowing us to use these funds to continue meeting our public protection mission as we do all we can next year to secure a licensing fee increase in 2025.”
The State Bar will stay in its current space and offices for approximately a year. After that, it will consolidate its operations to about 50 percent (68,000 rentable square feet) of its current footprint.
The State Bar Board of Trustees first authorized staff to seek out sale and lease possibilities for 180 Howard Street in November 2021.
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