Vornado’s 555 California Street Hits Record $163 Rents as AI Demand Lifts San Francisco Office Market

Vornado Realty Trust told investors on its third-quarter earnings call that its Financial District complex signed 55,000 square feet of leases at an average starting rent of $163 per square foot, the highest in the property's history, with new rents running 59 percent above expiring ones on a GAAP basis.