@font-face { … MARRITZ: And Dan's reporting has led him to a bunch of Trump properties. Nor are they audited. We kind of knew that. And we don't know why that's happening, but man, it sure doesn't look good. seem to matter to him, a bizarre amount, in some cases. So if they're hosting an event that invites a ton of people, are they really gonna book it at a Trump hotel? Connect with friends faster than ever with the new Facebook app. So the next day I came back and I came at a different time. The Qatar Investment Authority declined to comment, or NATO declined to comment. Sale of SF’s 555 California, part-owned by Trump, put on hold. That’s, like, 1% of the billionaire population. And then on top of this, I'm remembering back to early in Trump's administration — uh, actually his first foreign visit as president. And so they're saying, you know, “Qatar is funding terrorists.” And Trump, you know, who basically comes in as sort of a blank slate on, you know, foreign policy in the Middle East and the intricacies between countries and all of that, seems to buy it. MARRITZ: Trump said his sons were going to be running the business separately and they were going to have an outside advisor telling them what deals they could and couldn't do. So that’s — that’s true. The business address is 555 California St Ste 4925, San Francisco, CA … MARRITZ: So we at Trump, Inc. have been really interested in the question of foreign governments, or foreign political actors paying the president. MARRITZ: Right. And so then, you know, you're you really start thinking about it. ALEXANDER: And so that argument of it's a value-for-value exchange just doesn't hold any water anymore. As a reminder, this subreddit is for civil discussion.. The sale of 555 California St. has been put on hold during the pandemic. So we're not sure the exact month or day that this was signed or when they moved in. Email: jdineen@sfchronicle.com Twitter: @sfjkdineen, Like us on Facebook to see similar stories, Economy adds 245,000 jobs in November as unemployment dips to 6.7% while COVID-19 rages across country, Harris is a progressive politician and will be 'butting heads' with Biden on Day One: Lawrence Jones. ALEXANDER: That other book is White House, Inc., which will be familiar to you. 9 reviews of Servcorp - 555 California Street "Currently at Servcorp's offices and still loving it. That’s far less than in the first three quarters of 2019, when properties worth $2.5 million or more sold for a combined $8 billion. [MARRITZ LAUGHS] Compare that to the — to the overall population of the country, just 330 million, and there were only, like, 20 serious contenders. Explain to me why Qatar, in particular, having secret office space and paying rent to the President is problematic. ALEXANDER: And he's like, “I just want to be clear. Thanks for having me. This home was built in 2008 and last sold on 4/27/2012 for $1,495,000. And in that trip, you know, it looks like the leaders of Saudi Arabia and perhaps some of its neighbors are sort of picking on Qatar a little bit. It's only like 5,500 square feet. San Francisco properties worth $2.5 million or more sold for a combined $2 billion between January and September, according to Real Capital Analytics, a real estate data firm. I sort of peered around, I didn't see anyone. Built in 1969, this 52 story office property spans 1,507,000 SQFT. He just wrote a book. Because, you know, unlike if you go to like a retail store or something like that, you know, you can see who's renting the space and you can figure out roughly what they would be paying in rent. Find a Financial Advisor in this branch office. And so I booked a spot in — in the co-working space, and then I could access what I needed to see. ALEXANDER: I've been interested in that building for a long time, because although it doesn't get a whole lot of attention, it's actually the most important property for Trump's business that he has. ALEXANDER: The sorts of examples that you just mentioned are, of course, troublesome. Street Address 555 California Street 32nd/ 34th /46th Floor San Francisco CA 94104 Postal Address 555 California Street San Francisco CA 94104 United States Telephone +1-415-398 6400. But he does change his mind. Knocked, no one answered. And, uh, it's definitely true from an ethics perspective — the fact that, you know, they've got all of these particular rules. And I forget the exact number, but let's say it was, you know, a $10 check or something like that. J.K. Dineen is a San Francisco Chronicle staff writer. 555 California St is located in Old Mountain View, Mountain View. But given investor caution, it does not look like we’re going to achieve our original top tick pricing objective,” he said. 555 California St , Mountain View, CA 94041-2001 is currently not for sale. And I think that a lot of people have commented on the fact that we're now finding where the weaknesses are in our institutions, because Trump tests those things. He only owns 30% of those buildings. We were never funders of terrorism.”. PRESIDENT TRUMP: And in the wake of that conference, nations came together and spoke to me about confronting Qatar over its behavior. View detailed information and reviews for 555 California St in San Francisco, California and get driving directions with road conditions and live traffic updates along the way. How’d you come up with that? There's an enormous amount of rent flowing into that property, and we don't know who's paying that rent. In fact, we'll pay you so that then we don't have to use the names, so we can break the contract.”. I mean, Tom Steyer, Mike Bloomberg, even Howard Schultz: you got four billionaires, but there are only, like, 500 billionaires in the United States. And so I could sort of see through the office a little bit and nobody was sitting anywhere else and everything looked, like, just perfect. Uh, and as I was looking at it, the thing that really struck me was that there was a plant — like an office plant — on the counter. You know, it was, it was the document coming to life. It is the 75th tallest building in the United States (upon completion), one foot taller than One Worldwide Plaza in New York Cityand just 1 foot shorter than the 68… And you also lose customers who might like you themselves, but they might not want to offend someone. MARRITZ: I want to ask you about one more — I think — very important thing that's in your book and in this — in this. [MARRITZ LAUGHS] Um, and so it, uh, you know, it became pretty clear that that's what was going on. 555 California St San Francisco, CA 94104, US. (Owen Byrne / Flickr-creativecommons) The Qatari government rents office space in … , was produced by Matt Collette, with engineering by Ed Haber. PRESIDENT TRUMP: So we had a decision to make. ALEXANDER: That's right. have been really interested in the question of foreign governments, or foreign political actors paying the president. Efforts to sell the famed 555 California St. in San Francisco have been put on hold amid an uncertain market, a move that could at least temporarily hurt the finances of the cash-strapped Trump family, which owns 30% of the property, according to the Wall Street Journal. It's really right here!”. ALEXANDER: And there's a reason for that. MARRITZ: Amazing title, amazing title. MARRITZ: What is that lease worth to Donald Trump? The majority owner of 555 California St., a three-building, 1.8-million-square foot office complex, has been on the hunt for a new buyer since June. And then you fast forward about a year after that — so this is in July of 2019 — and Hamad Al Thani, the leader of Qatar, comes back to Washington. The sale of the famed Bank of America Building at 555 California Street has been put on hold during the pandemic. It's going to be the topic of discussion the whole time at the business conference or whatever it is. And sure, the Trump — you know, the president gets paid, but that's how business works. If he had just invested everything, put it in the S&P 500, he'd be far richer today than if he had kept all this stuff and brought all of it in. ALEXANDER: And Trump sort of nods along. ALEXANDER: Uh, the ones that are missing are, like, the Trump Winery. 555 California Ave , Shafter, CA 93263-2107 is currently not for sale. Built in 1969, the building was once the tallest formerly known as Bank of America Tower was designed to represent the bank's success, power, and wealth. The Class A+ Office building was completed in 1969 and features a total of 1,507,000 Sqft. to get inside a building that I was curious about, which is to book a co-working space. It's only like 5,500 square feet. [MUSICAL FLOURISH PLAYS AND CONTINUES SOFTLY UNDER CREDITS]. Help. ALEXANDER: No. ALEXANDER: It was just, like, perfectly pristine, you know, nothing had been touched. So there's not really a close third. So basically, uh, on the document, my eyes about popped out of my head when I saw that one of the tenants that I didn't know about was the Qatar Investment Authority, which is a sovereign wealth fund from Qatar. ALEXANDER: Yeah, I was — I was working on the list for a long time and tracking all of these billionaire’s fortunes. This home was built in 1952 and last sold on 11/15/2006 for $160,000. Ft. single family home built in 1988 that sold on 11/19/2004. And you find that his math does not add up. Several San Francisco office buildings, including 350 California St. and 123 Mission St., have been pulled from the sales block after eliciting scant interest. And we're planning to do more investments. Or if you're buying a hamburger or if you're staying in a suite or whatever, you're going to pay money for that. So as they're building out the — the space. Then it went back up to the front and I knocked as hard as I could. “Now with the election uncertainty behind us and with much more clarity and positive news surrounding the vaccine’s efficacy and speed to market, we are now focusing more on refinancing both assets and are leaning toward re-offering and/or recapitalizing the package in 2021, when the durability of the cash flows is even more valued, when international investors can travel with less restrictions, and the path back to normal is underway,” he said in a statement. And they wanted to figure out who — who was the cheapest rich person in New York. And if you're a consumer-facing business and more than half of the country doesn't want anything to do with you, then you lose a lot of potential customers. I'm Ilya Marritz. “There is active interest from investors and the widespread appreciation for quality of these assets. No one came. 555 California St is a house in Escalon, CA 95320. And so I got in the elevator and pressed the 43rd floor. Its name, 555 California Street, is as forgettable as its appearance, all brown and black and boring. And, in my mind, it just opens up the possibility that any number of other parties might also be paying rent to Donald Trump. And the subtitle is “How Donald Trump Turned the Presidency into a Business.”. And he said he never saw anyone go into that office, but that there was construction going on sometime in 2018. ALEXANDER: Oh, it's an amount of money that — for anybody who is worth as much as Donald Trump — probably wouldn't mean a whole lot. I'm Ilya Marritz. And those two buildings are by far — has been the most valuable holding. MARRITZ: So let's just pause on that fact for a moment, because I think if you asked a hundred Americans, “What is Donald Trump's biggest money-making building?” Not one of them would say, “It's an office tower in San Francisco.”. San Francisco’s fourth-tallest building, 555 California St., could be sold in potentially one of the largest transactions in city history. Now these are all allies of the United States, but they don't get along internally. PRESIDENT TRUMP: It's a great honor to be with the Emir of Qatar, a highly respected man, a real leader in a large part of the world and a very important part of the world. Why not just sell everything, form a blind trust? What's different about this is that this is not how business goes. MARRITZ: I want to ask you about one more — I think — very important thing that's in your book and in this — in this Vanity Fair article that's a book extract, and that is: you do the math on Trump's pledge to turn over profits from foreign governments to the U.S. Treasury. No. MARRITZ: One thing that I really enjoy about your reporting is you are always very candid about your methodology. So it’s — it’s clear that that promise just isn't happening. And we're at this moment, I think, where there's going to be a lot of hard thought about “How do we make sure that future presidents are ethical, and that people understand when they're not ethical?”. The amazing view aside, the receptionists and executive assistants are professional and very helpful. MARRITZ: Dan Alexander, senior editor at Forbes and author of the new book, White House, Inc.: How Donald Trump Turned the Presidency into a Business. Doug Harmon, a Cushman & Wakefield chairman who was handling the New York sale for Vornado, said the company now plans to refinance its loans on the buildings and would look at a new sales effort or recapitalization next year. It's a huge sovereign wealth fund that has large investments all over the world, but no one knew that they were renting from Trump. (3.51 meters) Notes. That lease was going to expire in the middle of 2019, and they ended up renewing part of the lease. 555 California Street Tree Lighting. ALEXANDER: Yeah. Based on Redfin's Escalon data, we estimate the home's value is $403,930. EMIR OF QATAR: We do not — and we will not — tolerate with people who fund terrorism. MLS# 21911390. You know, right now we've got him at $2.5 billion. Colloquially known as "Triple Five" and/or "Triple Nickel", 555 California Street was meant to display the wealth, power, and importance of Bank of America. MARRITZ: What do the Trump Organization and the Trump White House say about this? People don't rent spaces in high-priced buildings that they don't use. Return to the … But even if you just count the money that flowed in in 2017 and 2018, we know how much rent they were paying, because Trump's lenders disclose it on some documents filed with the Securities and Exchange Commission. You know, it took a long time for anybody to figure out just even if they were counting profits from their hotels and how they went about doing that. This property is not currently available for sale. So, the question is, does $135,000 matter to a guy who's worth $2.5 billion. George Westinghouse Net Worth Today,
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" /> @font-face { … MARRITZ: And Dan's reporting has led him to a bunch of Trump properties. Nor are they audited. We kind of knew that. And we don't know why that's happening, but man, it sure doesn't look good. seem to matter to him, a bizarre amount, in some cases. So if they're hosting an event that invites a ton of people, are they really gonna book it at a Trump hotel? Connect with friends faster than ever with the new Facebook app. So the next day I came back and I came at a different time. The Qatar Investment Authority declined to comment, or NATO declined to comment. Sale of SF’s 555 California, part-owned by Trump, put on hold. That’s, like, 1% of the billionaire population. And then on top of this, I'm remembering back to early in Trump's administration — uh, actually his first foreign visit as president. And so they're saying, you know, “Qatar is funding terrorists.” And Trump, you know, who basically comes in as sort of a blank slate on, you know, foreign policy in the Middle East and the intricacies between countries and all of that, seems to buy it. MARRITZ: Trump said his sons were going to be running the business separately and they were going to have an outside advisor telling them what deals they could and couldn't do. So that’s — that’s true. The business address is 555 California St Ste 4925, San Francisco, CA … MARRITZ: So we at Trump, Inc. have been really interested in the question of foreign governments, or foreign political actors paying the president. MARRITZ: Right. And so then, you know, you're you really start thinking about it. ALEXANDER: And so that argument of it's a value-for-value exchange just doesn't hold any water anymore. As a reminder, this subreddit is for civil discussion.. The sale of 555 California St. has been put on hold during the pandemic. So we're not sure the exact month or day that this was signed or when they moved in. Email: jdineen@sfchronicle.com Twitter: @sfjkdineen, Like us on Facebook to see similar stories, Economy adds 245,000 jobs in November as unemployment dips to 6.7% while COVID-19 rages across country, Harris is a progressive politician and will be 'butting heads' with Biden on Day One: Lawrence Jones. ALEXANDER: That other book is White House, Inc., which will be familiar to you. 9 reviews of Servcorp - 555 California Street "Currently at Servcorp's offices and still loving it. That’s far less than in the first three quarters of 2019, when properties worth $2.5 million or more sold for a combined $8 billion. [MARRITZ LAUGHS] Compare that to the — to the overall population of the country, just 330 million, and there were only, like, 20 serious contenders. Explain to me why Qatar, in particular, having secret office space and paying rent to the President is problematic. ALEXANDER: And he's like, “I just want to be clear. Thanks for having me. This home was built in 2008 and last sold on 4/27/2012 for $1,495,000. And in that trip, you know, it looks like the leaders of Saudi Arabia and perhaps some of its neighbors are sort of picking on Qatar a little bit. It's only like 5,500 square feet. San Francisco properties worth $2.5 million or more sold for a combined $2 billion between January and September, according to Real Capital Analytics, a real estate data firm. I sort of peered around, I didn't see anyone. Built in 1969, this 52 story office property spans 1,507,000 SQFT. He just wrote a book. Because, you know, unlike if you go to like a retail store or something like that, you know, you can see who's renting the space and you can figure out roughly what they would be paying in rent. Find a Financial Advisor in this branch office. And so I booked a spot in — in the co-working space, and then I could access what I needed to see. ALEXANDER: I've been interested in that building for a long time, because although it doesn't get a whole lot of attention, it's actually the most important property for Trump's business that he has. ALEXANDER: The sorts of examples that you just mentioned are, of course, troublesome. Street Address 555 California Street 32nd/ 34th /46th Floor San Francisco CA 94104 Postal Address 555 California Street San Francisco CA 94104 United States Telephone +1-415-398 6400. But he does change his mind. Knocked, no one answered. And, uh, it's definitely true from an ethics perspective — the fact that, you know, they've got all of these particular rules. And I forget the exact number, but let's say it was, you know, a $10 check or something like that. J.K. Dineen is a San Francisco Chronicle staff writer. 555 California St is located in Old Mountain View, Mountain View. But given investor caution, it does not look like we’re going to achieve our original top tick pricing objective,” he said. 555 California St , Mountain View, CA 94041-2001 is currently not for sale. And I think that a lot of people have commented on the fact that we're now finding where the weaknesses are in our institutions, because Trump tests those things. He only owns 30% of those buildings. We were never funders of terrorism.”. PRESIDENT TRUMP: And in the wake of that conference, nations came together and spoke to me about confronting Qatar over its behavior. View detailed information and reviews for 555 California St in San Francisco, California and get driving directions with road conditions and live traffic updates along the way. How’d you come up with that? There's an enormous amount of rent flowing into that property, and we don't know who's paying that rent. In fact, we'll pay you so that then we don't have to use the names, so we can break the contract.”. I mean, Tom Steyer, Mike Bloomberg, even Howard Schultz: you got four billionaires, but there are only, like, 500 billionaires in the United States. And so I could sort of see through the office a little bit and nobody was sitting anywhere else and everything looked, like, just perfect. Uh, and as I was looking at it, the thing that really struck me was that there was a plant — like an office plant — on the counter. You know, it was, it was the document coming to life. It is the 75th tallest building in the United States (upon completion), one foot taller than One Worldwide Plaza in New York Cityand just 1 foot shorter than the 68… And you also lose customers who might like you themselves, but they might not want to offend someone. MARRITZ: I want to ask you about one more — I think — very important thing that's in your book and in this — in this. [MARRITZ LAUGHS] Um, and so it, uh, you know, it became pretty clear that that's what was going on. 555 California St San Francisco, CA 94104, US. (Owen Byrne / Flickr-creativecommons) The Qatari government rents office space in … , was produced by Matt Collette, with engineering by Ed Haber. PRESIDENT TRUMP: So we had a decision to make. ALEXANDER: That's right. have been really interested in the question of foreign governments, or foreign political actors paying the president. Efforts to sell the famed 555 California St. in San Francisco have been put on hold amid an uncertain market, a move that could at least temporarily hurt the finances of the cash-strapped Trump family, which owns 30% of the property, according to the Wall Street Journal. It's really right here!”. ALEXANDER: And there's a reason for that. MARRITZ: Amazing title, amazing title. MARRITZ: What is that lease worth to Donald Trump? The majority owner of 555 California St., a three-building, 1.8-million-square foot office complex, has been on the hunt for a new buyer since June. And then you fast forward about a year after that — so this is in July of 2019 — and Hamad Al Thani, the leader of Qatar, comes back to Washington. The sale of the famed Bank of America Building at 555 California Street has been put on hold during the pandemic. It's going to be the topic of discussion the whole time at the business conference or whatever it is. And sure, the Trump — you know, the president gets paid, but that's how business works. If he had just invested everything, put it in the S&P 500, he'd be far richer today than if he had kept all this stuff and brought all of it in. ALEXANDER: And Trump sort of nods along. ALEXANDER: Uh, the ones that are missing are, like, the Trump Winery. 555 California Ave , Shafter, CA 93263-2107 is currently not for sale. Built in 1969, the building was once the tallest formerly known as Bank of America Tower was designed to represent the bank's success, power, and wealth. The Class A+ Office building was completed in 1969 and features a total of 1,507,000 Sqft. to get inside a building that I was curious about, which is to book a co-working space. It's only like 5,500 square feet. [MUSICAL FLOURISH PLAYS AND CONTINUES SOFTLY UNDER CREDITS]. Help. ALEXANDER: No. ALEXANDER: It was just, like, perfectly pristine, you know, nothing had been touched. So there's not really a close third. So basically, uh, on the document, my eyes about popped out of my head when I saw that one of the tenants that I didn't know about was the Qatar Investment Authority, which is a sovereign wealth fund from Qatar. ALEXANDER: Yeah, I was — I was working on the list for a long time and tracking all of these billionaire’s fortunes. This home was built in 1952 and last sold on 11/15/2006 for $160,000. Ft. single family home built in 1988 that sold on 11/19/2004. And you find that his math does not add up. Several San Francisco office buildings, including 350 California St. and 123 Mission St., have been pulled from the sales block after eliciting scant interest. And we're planning to do more investments. Or if you're buying a hamburger or if you're staying in a suite or whatever, you're going to pay money for that. So as they're building out the — the space. Then it went back up to the front and I knocked as hard as I could. “Now with the election uncertainty behind us and with much more clarity and positive news surrounding the vaccine’s efficacy and speed to market, we are now focusing more on refinancing both assets and are leaning toward re-offering and/or recapitalizing the package in 2021, when the durability of the cash flows is even more valued, when international investors can travel with less restrictions, and the path back to normal is underway,” he said in a statement. And they wanted to figure out who — who was the cheapest rich person in New York. And if you're a consumer-facing business and more than half of the country doesn't want anything to do with you, then you lose a lot of potential customers. I'm Ilya Marritz. “There is active interest from investors and the widespread appreciation for quality of these assets. No one came. 555 California St is a house in Escalon, CA 95320. And so I got in the elevator and pressed the 43rd floor. Its name, 555 California Street, is as forgettable as its appearance, all brown and black and boring. And, in my mind, it just opens up the possibility that any number of other parties might also be paying rent to Donald Trump. And the subtitle is “How Donald Trump Turned the Presidency into a Business.”. And he said he never saw anyone go into that office, but that there was construction going on sometime in 2018. ALEXANDER: Oh, it's an amount of money that — for anybody who is worth as much as Donald Trump — probably wouldn't mean a whole lot. I'm Ilya Marritz. And those two buildings are by far — has been the most valuable holding. MARRITZ: So let's just pause on that fact for a moment, because I think if you asked a hundred Americans, “What is Donald Trump's biggest money-making building?” Not one of them would say, “It's an office tower in San Francisco.”. San Francisco’s fourth-tallest building, 555 California St., could be sold in potentially one of the largest transactions in city history. Now these are all allies of the United States, but they don't get along internally. PRESIDENT TRUMP: It's a great honor to be with the Emir of Qatar, a highly respected man, a real leader in a large part of the world and a very important part of the world. Why not just sell everything, form a blind trust? What's different about this is that this is not how business goes. MARRITZ: I want to ask you about one more — I think — very important thing that's in your book and in this — in this Vanity Fair article that's a book extract, and that is: you do the math on Trump's pledge to turn over profits from foreign governments to the U.S. Treasury. No. MARRITZ: One thing that I really enjoy about your reporting is you are always very candid about your methodology. So it’s — it’s clear that that promise just isn't happening. And we're at this moment, I think, where there's going to be a lot of hard thought about “How do we make sure that future presidents are ethical, and that people understand when they're not ethical?”. The amazing view aside, the receptionists and executive assistants are professional and very helpful. MARRITZ: Dan Alexander, senior editor at Forbes and author of the new book, White House, Inc.: How Donald Trump Turned the Presidency into a Business. Doug Harmon, a Cushman & Wakefield chairman who was handling the New York sale for Vornado, said the company now plans to refinance its loans on the buildings and would look at a new sales effort or recapitalization next year. It's a huge sovereign wealth fund that has large investments all over the world, but no one knew that they were renting from Trump. (3.51 meters) Notes. That lease was going to expire in the middle of 2019, and they ended up renewing part of the lease. 555 California Street Tree Lighting. ALEXANDER: Yeah. Based on Redfin's Escalon data, we estimate the home's value is $403,930. EMIR OF QATAR: We do not — and we will not — tolerate with people who fund terrorism. MLS# 21911390. You know, right now we've got him at $2.5 billion. Colloquially known as "Triple Five" and/or "Triple Nickel", 555 California Street was meant to display the wealth, power, and importance of Bank of America. MARRITZ: What do the Trump Organization and the Trump White House say about this? People don't rent spaces in high-priced buildings that they don't use. Return to the … But even if you just count the money that flowed in in 2017 and 2018, we know how much rent they were paying, because Trump's lenders disclose it on some documents filed with the Securities and Exchange Commission. You know, it took a long time for anybody to figure out just even if they were counting profits from their hotels and how they went about doing that. This property is not currently available for sale. So, the question is, does $135,000 matter to a guy who's worth $2.5 billion. George Westinghouse Net Worth Today,
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ALEXANDER: But then the odd thing is that around the time that the Qatari start building out this office space, Trump's position toward them seems to change. The building, owned by Vornado Realy Trust , appeared in multiple movies including Dirty Harry, The Towering Inferno, An Eye for an Eye and Bullitt. Do we take the easy road or do we finally take a hard but necessary action? CompStak has 44 lease comps for this property, dating from 2012 to 2020. 555 California Street, also known as the Bank of America Tower, is a 52-story modern skyscraper in San Francisco's Financial District. It looked like a nice plant, but it looked like it had been dead for like five months. The sales of the two buildings were expected to fetch as much as $5 billion, with about $1.5 billion going to the Trump family. And again, they're both sort of these anonymous buildings. And he invites the leader of Qatar to Washington, and they're sitting in the Oval Office. So, uh, everyone is basically totally silent on it. But in order to make sure I booked the -- the co-working space upstairs for an extra day. Average asking rents in the second quarter were $78.55 per square foot, a 5.5% decrease over the first quarter. And people wonder, “Why is he booking that hotel versus booking the Hilton?” or something like that. MARRITZ: So I've been thinking back to about three years ago — three and a half years ago — right around the time Trump was taking office, and he made the decision not to divest from his business. And Donald Trump's is really long, because he has so many business entities and he draws income from so many sources. It's his largest source of income, says Forbes senior editor Dan Alexander. So explain to me, in brief, what you learned. So, you know, we, we actually witnessed it when a Nigerian politician showed up at Trump's hotel. And, you know, here now we are this new moment where, you know, billionaires are increasingly going to be not just influencing people in office, but seeking out office themselves. The White House basically responded to questions about this and about lots of other things for the book saying, you know, “These are all questions for the Trump Organization.” The Trump Organization, which has engaged with me over the years, um, did not respond to any questions sent directly for this book, including ones about the Qatari lease. If you literally take in $202 from someone, you have to disclose that. These are glass doors. And I — as I was researching, I stumbled across this document that listed every tenant inside 555 California Street and how much space they leased. They created an LLC, sent it from this random LLC to all of these people, just to see who would cash it, who would bother to take the minute to cash, a $10 check that wasn't going to have any impact on their life. I'm very happy and honored to be here. MARRITZ: And Dan, you also — for years — have worked on the “Forbes Billionaires” list, right? DAN ALEXANDER: Some of the people renting in these buildings don't know that their own landlord is the President of the United States. EMIR OF QATAR: [OVER CAMERAS] Thank you very much, Mr. President. , which will be familiar to you. President Trump owns 30 percent of 555 California St., an office tower in downtown San Francisco. You know, it's a fair exchange. EMIR OF QATAR: We trust the economy here. And so it was a big question to me, you know. Share this on Facebook (Opens in a new window), Share this on Twitter (Opens in a new window). ALEXANDER: Yeah. This space is no longer advertised for lease on LoopNet.com. You're at the elevator bank, but you're there to see something else. So explain to me, in brief, what you learned. A prominent element of the San Francisco skyline and one of the most highly recognized towers on the West Coast, it belongs in the elite class of timeless trophy towers in American architecture. PRESIDENT DONALD TRUMP: The nation of Qatar, unfortunately, has historically been a funder of terrorism at a very high level. Get reviews, hours, directions, coupons and more for Microsoft Corporation at 555 California St, San Francisco, CA 94104. We do not, uh, tolerate with people who support and fund terrorism. Legal. I haven't seen all the golf courses. I mean, is he gonna make a ton of money on this thing? And if you just add up the amount of money that was going in through rent, and you look at what the margins are in that property, then you can see roughly how much the profits for that they were getting from the Industrial and Commercial Bank of China. It’s his largest source of income, says Forbes senior editor Dan Alexander. It's in a walkable neighborhood well known for its Chinatown and restaurants. If you hadn't taken Trump, Inc., you know, then I might’ve used that. Now it’s home to many major tenants. I mean, it's not that complicated. San Francisco and New York have both seen commercial rents drop during the coronavirus pandemic and the once-hot office sales market has cooled off significantly. Maybe they'd written a book or two, or they, you know, worked in consulting or in lobbying around their political career here. Great talking with you. from New York Public Radio in accordance with our Terms of Use and from ProPublica in accordance with its Privacy Policy. 555 California St Directions {{::location.tagLine.value.text}} Sponsored Topics. He started the presidency worth $3.5 billion. View more property details, sales history and Zestimate data on Zillow. We do a lot in the infrastructure. ALEXANDER: So at the start of his presidency, as you said, he goes to Saudi Arabia — his first foreign trip. ALEXANDER: And he comes back and he, uh, Tweets out that Qatar is a funder of terrorism and it causes this whole big uproar because people are like, “Whoa, you're saying that about one of our allies, you know. I was — I was very, very excited when I found it and I was so excited and I wasn't positive that it, like — it seemed too good to be true. President Trump owns 30 percent of 555 California St., an office tower in downtown San Francisco. On the 20th floor of Trump Tower the Industrial and Commercial Bank of China is renting space from Donald Trump. ft. single-family home is a 4 bed, 3.0 bath property. 555 California St, San Francisco, CA 94104. MARRITZ: Dan Alexander, senior editor at Forbes and author of the new book, White House, Inc.: How Donald Trump Turned the Presidency into a Business. 555 California Street is located in San Francisco, CA. So why would that happen? ALEXANDER: Yeah. They're doing something, but it's not what they said they were doing. ft. single-family home is a 4 bed, 3.0 bath property. So it's sort of a lesson, I think, to future presidents who might be wealthy and thinking about whether they should divest or not. Our company is new in town and they have been a huge help. MARRITZ: Tell me about 555 California Street and why you were interested in that building. And I was amused to learn that you used a method that I've used a bunch of times in [ALEXANDER LAUGHS] Trump, Inc. to get inside a building that I was curious about, which is to book a co-working space. He said he expects office rents to drop 25% from the highs in the fourth quarter of 2019 before starting to climb again. 555 California Street is located in Financial District. No one came knocked again. So tell me about the co-working space at 555 California Street and why you were interested in that building. As minority owner, the Trump family doesn’t have any control over whether the San Francisco and New York office towers are sold. President Trump owns 30 percent of 555 California St., an office tower in downtown San Francisco. So if they book it at a Trump hotel, then 40% — 50% — 60% of the people that they're inviting are going to be angry about it. (BAREIS) 3 beds, 2 baths, 1689 sq. And there were other things going on, you know, the Qataris have been lobbying in Washington. You have rented a co-working space. It sounds a lot like the name which you guys are doing. Qatar Investment Authority Advisory (Usa), Inc. (Account# 1197124-08-181) is a business entity registered with City and County of San Francisco, Treasurer & Tax Collector’s Office. And it was — it was kind of anybody's guess. So Trump's portion of it is only, like, $135,000. In a large nondescript office building like 555 California Street, you can't really see very easily who's inside. So the space is small. In a Nov. 4 earnings call with analysts, Vornado Chief Executive Officer Steven Roth said that his company and the Trump Organization were still marketing the two buildings. What's going to happen? The Vault Garden has received a holiday makeover! ALEXANDER: The backdrop of all of this is, of course, that the Qataris are now leasing one of his buildings and no one knows about it. It can't be that much.” But because these buildings are so large and rent space for so much money, have so much square footage, that 30% means more money to Donald Trump than any of the things that he has a hundred percent of. And so, to confirm that that was the case, I needed to actually see the place for myself. Search for other Computer Software Publishers & Developers in San Francisco on The Real Yellow Pages®. Show full articles without "Continue Reading" button for {0} hours. Maybe you just learned a little bit more about the region and all of that sort of thing. MARRITZ: I think there's at least one other lesson in your reporting, and that’s that I think it just really illustrates the gaps in our ethics program. At a lot of his properties, particularly his golf clubs and his hotels, those are kind of consumer-facing properties. And so, that's what makes your news about Qatar having a lease in a Trump building so very surprising and intriguing. Thank you for listening. And I was amused to learn that you used a method that I've used a bunch of times in [ALEXANDER LAUGHS]. This property was built in 1988 and last sold for $335,000. But it doesn't include rent rolls, for example. And many of those are, you know, from large corporations, some of them are from foreign governments. Book now to enjoy one of the most comfortable, safe, and enjoyable outdoor dining rooms in … But if you take it in through a shell company, it could be $201 million, and you don't have to say who's paying. And only two people cashed it. So, you know, we, we actually witnessed it when a Nigerian politician showed up at Trump's hotel. Is it going to be bad for the business? But I've definitely been to almost every commercial building, if not every one. • On September 22, 2005: the property was purchased by Hudson Waterfront Associates of New York for $1.05 billion, and was renamed 555 California Street from Bank of America Center. The 2,011 sq. How are we going to even know who's paying the president?”. The other reference point that we have is that there's a document that Trump's partner, Vornado, filed with the city of San Francisco — the sort of document that you file when there's construction going on. The numbers and the Trump Hotel in D.C. don't look great either. PRESIDENT TRUMP: We're making sure that terrorism funding is stopped in the countries that we are really related to. Like, it's like almost a hundred million dollars ahead of the next competitor, which is basically its — its compatriot building in New York, called 1290 Avenue of the Americas. So those are sort of our two indicators. And if they're paying market rates — which, we don't know the rates that they're paying — but, you know, let's assume that they're paying market rates. • Until the 1998 merger of Bank of America and NationsBank into Bank of America, this was B of A's headquarters. This is a foreign government, leasing space in Donald Trump's most valuable holding, and nobody seems to actually be using the thing. You know, we knew that the ethics of it weren't going to look good, that there would be all these thorny questions. And on the right side, there's a counter — really nice counter — that they have, and behind it … Or, I think there was two computers, one on each side, like — like if you had a busy office, you know, where assistants would sit, but there was no one sitting there and, you know, a lot of the other interior walls were glass. DILLON: He’s asked me, as you just heard, to speak about the conflicts of interest and the steps he's taking. That would mean that they're paying about $450,000 a year in rent. And if they're paying market rates — which, we don't know the rates that they're paying — but, you know, let's assume that they're paying market rates. And, of course, we in the press were like, “How are we going to cover this? So now it is 2020, uh, we're just two months out from an election. So take me inside 555 California Street. And that document was filed in August of 2018. ALEXANDER: Oh, it's an amount of money that — for anybody who is worth as much as Donald Trump — probably wouldn't mean a whole lot. No. MARRITZ: Okay. The 52-story former Bank of America headquarters at 555 California St. has an assessed value of more than $1 billion and hosts tenants such as … Same exact thing: same perfect floors, counters, everything. 555 CALIFORNIA STREET, SAN FRANCISCO, CA. You know, Trump owns a lot of real estate in New York, and one really important building in California, and that commercial real estate is, always has been, likely always will be the core of his fortune. They were designed for somebody, you know, who was a classic politician. So the people who are renting the space in the Trump Hotel, they get a ballroom for the night. article that's a book extract, and that is: you do the math on Trump's pledge to turn over profits from foreign governments to the U.S. Treasury. ft. house located at 555 California St, Rio Vista, CA 94571 sold for $326,500 on Jun 18, 2019. The pandemic has led to a plunge in both office-leasing activity and commercial real estate sales. MARRITZ: The name Trump is, like, not on either one. And yeah, he's going to get money in return, but that's how business goes. We also broke some news about the Romanian leader booking rooms at Trump's hotel. They do not detail all of the sources of those foreign profits at all. That would mean that they're paying about $450,000 a year in rent. 555 California St, Mountain View, CA 94041 is a 4 bedroom, 3 bathroom, 2,011 sqft single-family home built in 2008. They're investing very heavily in our country. The fact that it is taking us almost up until the reelection to find out that Donald Trump is leasing, you know — that one of his buildings is leasing space to the Qatar Investment Authority. DILLON: Some have asked questions: Why not divest? And I wonder what you think we have learned in that time. But Donald Trump is the kind of guy where small amounts of money.