f{"id":27171,"date":"2023-07-02T13:52:38","date_gmt":"2023-07-02T20:52:38","guid":{"rendered":"https:\/\/occupysf.net\/?p=27171"},"modified":"2023-07-02T13:52:39","modified_gmt":"2023-07-02T20:52:39","slug":"in-buying-a-building-taiwan-bets-big-on-struggling-downtown-san-francisco","status":"publish","type":"post","link":"https:\/\/occupysf.net\/index.php\/2023\/07\/02\/in-buying-a-building-taiwan-bets-big-on-struggling-downtown-san-francisco\/","title":{"rendered":"In Buying a Building, Taiwan Bets Big on Struggling Downtown San Francisco"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Written by\u00a0<a href=\"https:\/\/sfstandard.com\/author\/han-li\/\">Han Li<\/a>Published\u00a0Jun. 28, 2023 \u2022 (SFStandard.com)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/sfstandard.com\/_next\/image\/?url=https%3A%2F%2Fsfstandard.com%2Fwp-content%2Fuploads%2F2023%2F06%2FSFRealEstateOpportunist_002-scaled.jpg&amp;w=3840&amp;q=75\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The Taipei Economic and Cultural Office spent nearly $53 million for the newly constructed building in SoMa at 345 Fourth St. | Isaac Ceja\/The Standard<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As headlines about San Francisco\u2019s beleaguered Downtown trend nationwide, one foreign government has eyed an opportunity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taiwan, the self-ruled island that China claims as its territory, has spent an unprecedented amount of money&nbsp;<a href=\"https:\/\/sfstandard.com\/business\/doom-scoop-real-estate-investors-spy-opportunity-in-san-franciscos-bleak-market\/\">to acquire a building in SoMa<\/a>&nbsp;that will be the new home of its local diplomatic facility, the Taipei Economic and Cultural Office.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The office building, located at 345 Fourth St., is a&nbsp;<a href=\"https:\/\/www.stantonarchitecture.com\/345-4th-street\">brand-new, seven-story site<\/a>&nbsp;with 56,000 square feet of space. The economic and cultural office currently rents two floors at 555 Montgomery St. in the Financial District.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cBuying properties for overseas diplomatic facilities (\u99d0\u5916\u9928\u8655) has been a policy of Taiwan\u2019s government for over 20 years,\u201d Scott Lai, the director-general of the Taipei Economic and Cultural Office, told The Standard in Mandarin. \u201cTo rent for a long term is not cost-effective.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition to a workplace for staffers, the new office building will serve multiple functions, from processing visas to hosting large social events. Taiwan\u2019s&nbsp;<a href=\"https:\/\/www.ocac.gov.tw\/OCAC\/SubSites\/Pages\/Detail.aspx?site=875142bc-6845-4686-bc02-23d6d5dddc2d&amp;nodeid=1644&amp;pid=502621\">current cultural and economic center in Chinatown<\/a>&nbsp;will be relocated to the new building.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/sfstandard.com\/_next\/image\/?url=https%3A%2F%2Fsfstandard.com%2Fwp-content%2Fuploads%2F2023%2F06%2FTECO_event_space_stage_concept_01.jpeg&amp;w=3840&amp;q=75\" alt=\"\"\/><figcaption class=\"wp-element-caption\">A rendering show the event space design concept of the Taipei Economic and Cultural Office&#8217;s new building in San Francisco. | Courtesy photo<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Lai said his team is currently in the midst of a design process, with renovation expected to start in October. The grand opening is scheduled for&nbsp;<a href=\"https:\/\/money.udn.com\/money\/story\/10511\/6936947\">the end of 2024<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-record-breaking-investment\">Record-Breaking Investment<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In 2020, Taiwan\u2019s government passed an unprecedented budget of $2.28 billion in New Taiwan Dollars (or $73.5 million in U.S. dollars) to purchase and renovate a new San Francisco office in the next three years. That sum represented the largest amount allocated toward a diplomatic property purchase in the government\u2019s history. In 2004,&nbsp;<a href=\"https:\/\/www.setn.com\/News.aspx?NewsID=183153\">the Taipei Economic and Cultural Office\u2019s New York outpost<\/a>&nbsp;cost approximately NTD $1.7 billion.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After touring 15 properties, Lai said the agency decided to buy the SoMa property project earlier this year. The price tag was about $53 million. Equivalent buildings in Denver and Boston were purchased for considerably less.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/sfstandard.com\/_next\/image\/?url=https%3A%2F%2Fsfstandard.com%2Fwp-content%2Fuploads%2F2023%2F06%2F1-1-2500x1667.jpeg&amp;w=3840&amp;q=75\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Scott Lai, the director-general of the Taipei Economic and Cultural Office in San Francisco, speaks with reporters. | Maggy Zhang<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe got lucky,\u201d Lai said. \u201cThere are many empty buildings Downtown now because of the pandemic.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Politics may play a role in the high-profile purchase as well. Taiwan\u2019s status has been a major sticking point in relations between Beijing and Washington, D.C.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Last year, then-House Speaker&nbsp;<a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/08\/02\/nancy-pelosi-taiwan-visit\/\">Nancy Pelosi visited the island<\/a>, and earlier this year, Taiwan\u2019s President Tsai Ing-wen met&nbsp;<a href=\"https:\/\/www.youtube.com\/watch?v=T4L7DUurSQ8\">with House Speaker Kevin McCarthy in Southern California<\/a>, triggering strong protests from Beijing and eroding the superpowers\u2019 relationship.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/sfstandard.com\/_next\/image\/?url=https%3A%2F%2Fsfstandard.com%2Fwp-content%2Fuploads%2F2023%2F06%2FSFRealEstateOpportunist_001-2500x1668.jpg&amp;w=3840&amp;q=75\" alt=\"\"\/><figcaption class=\"wp-element-caption\">Taipei Economic and Cultural Office is planned for a newly constructed building at 345 Fourth St. in San Francisco&#8217;s SoMa District, pictured on June 9, 2023. | Isaac Ceja\/The Standard<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Lai says the building\u2019s acquisition demonstrates Taiwan\u2019s determination to improve its connections with the U.S., while China has been objecting to any formal interactions between the two.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cTaiwan is in a good relationship with the U.S. now,\u201d Lai said. \u201cBuying this building will have a positive impact on the relationship in the future.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Han Li&nbsp;can be reached at&nbsp;<a href=\"mailto:han@sfstandard.com\">han@sfstandard.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Written by\u00a0Han LiPublished\u00a0Jun. 28, 2023 \u2022 (SFStandard.com) The Taipei Economic and Cultural Office spent nearly $53 million for the newly constructed building in SoMa at 345 Fourth St. | Isaac Ceja\/The Standard As headlines about San Francisco\u2019s beleaguered Downtown trend nationwide, one foreign government has eyed an opportunity. Taiwan, the&#8230; <a class=\"continue-reading-link\" href=\"https:\/\/occupysf.net\/index.php\/2023\/07\/02\/in-buying-a-building-taiwan-bets-big-on-struggling-downtown-san-francisco\/\"> Continue reading <span class=\"meta-nav\">&rarr; <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[357],"class_list":["post-27171","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-downtown-san-francisco"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>In Buying a Building, Taiwan Bets Big on Struggling Downtown San Francisco -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/occupysf.net\/index.php\/2023\/07\/02\/in-buying-a-building-taiwan-bets-big-on-struggling-downtown-san-francisco\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In Buying a Building, Taiwan Bets Big on Struggling Downtown San Francisco -\" \/>\n<meta property=\"og:description\" content=\"Written by\u00a0Han LiPublished\u00a0Jun. 28, 2023 \u2022 (SFStandard.com) The Taipei Economic and Cultural Office spent nearly $53 million for the newly constructed building in SoMa at 345 Fourth St. | Isaac Ceja\/The Standard As headlines about San Francisco\u2019s beleaguered Downtown trend nationwide, one foreign government has eyed an opportunity. 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