(SOLD) A development site at Bush and Pine Streets, in the heart of the San Francisco financial district, approved for a 350,000 square foot office building.
Formed in 1862 to centralize trading in mining stocks, the San Francisco Mining Exchange was the second oldest stock exchange in the nation. Trading in mining stocks waned with the decline in mining activity in the 1880s, but in the early 1920s, trading in mining stocks surged again in the general market speculation of the post-World War I era. In response to the surge in trading, the Mining Exchange hired Miller & Pflueger to design the 5,700 square foot 350 Bush Street, which opened in 1923. 350 Bush is an adaptation of the classical temple form much favored by financial institutions in the period, the building’s pediment and four pairs of fluted columns recall the New York Stock Exchange, constructed twenty years earlier. The building served as a trading hall for mining commodities until 1928. The Mining Exchange was replaced by the San Francisco Curb Exchange, which operated there until 1938. After the Curb Exchange moved, succeeding tenants were the San Francisco Chamber of Commerce (1938-1967) and Western Title Insurance (1967-1979). The building has been vacant for almost 25 years. The Swig Company and partners Shorenstein Properties LLC and Weiler-Arnow Investment Company purchased the Mining Exchange building in the 1960s. In 1979, The Swig Company and its partners began assembling the six land parcels around the Mining Exchange for the 350 Bush development. The partners obtained entitlements in the early 2000s.