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1/ Hello I stumbled upon an insane indicator of SF’s bonkers commercial real estate situation. It started when I got a letter saying that the flagship @WellsFargo branch at 1 Montgomery would no longer have safety deposit boxes. 
2/ so I go to close my box. Now I thought they were only closing the SD boxes and maybe the 25 (!) vaults beneath...
3/ but no, they’re closing the whole “branch” which is technically not the main one any more, but is the fanciest/oldest flagship. Look at some of the detail!
4/ why? Because somehow @WellsFargo doesn’t own the building that was clearly built to be its showpiece and the landlord was going to jack the rent to, I was told, “something like $10 million a month.” (!!!!!)
5/ that’s right a bank, arguably THE bank that founded/colonized the West can’t afford the usury in SF commercial real estate. So goodbye bank, hello...world’s fanciest Starbucks? What could it become? What is that vast and grand?
6/ because here’s the other thing. That building must be landmarked. It *IS* a landmark. And the workers joke they’re not even supposed to hang a picture in the basement vault area. So it’s not going to be chopped up into a WeWork or some such
7/ And what will become of all the SD boxes which are brass bolted into iron that literally seem to hold up the building? And what of all the zillion-ton vault doors and fancy filigree around that?
Like, if you need to make a bank caper movie, I got your location sorted.
Like, if you need to make a bank caper movie, I got your location sorted.
8/ Anyway, nobody should cry for @wellsfargo, which has been an atrocious corporation—more than even other banks—the last few decades.
BUT even WF can't afford downtown commercial rent increases as more and more storefronts sit empty and
BUT even WF can't afford downtown commercial rent increases as more and more storefronts sit empty and
@WellsFargo 9/ Although this may all be part of the grand Crocker Galleria (nextdoor) redevelopment scheme, it is just a sign of the times.
@WellsFargo 10/ Finally for those who've asked why i have a SD box:
the only city records —those of the water department—that survived 1906 quake/fire were inside a vault. It's backup.
or
the only city records —those of the water department—that survived 1906 quake/fire were inside a vault. It's backup.
or
@WellsFargo 11/ Going to be *some* office space
