The Wall Street Journal reports that California Public Employees’ Retirement System (CALPERS) is walking away from its stake in the KOIN building.

The building has been struggling with a rising vacancy rate, brokers said. Last year, the law firm of Ater Wynne LLP moved out of about 50,000 square feet of space in the tower. While estimates vary, Colliers said the building’s office vacancy rate is expected to rise from about 7.9% in the second quarter to the 26% range by about October.

My advice: Do what the Atwater did. Lower the prices and see how fast it fills up.

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Mike Landfair

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