The former headquarters of tech firm Zendesk has lost nearly 80% of its property value, making it the latest victim of the Mid-Market pandemic exodus, according to a new report.

The six-story property at 1019 Market St. was valued at $14.7 million in a new appraisal, down from $71.4 million, according to a report Monday by research firm Morningstar.

Owner 1019 Market St. LP couldn’t immediately be reached for comment. It bought the property for $48 million in 2014.

The value “might actually be a surprisingly high figure for a property that’s reported just a 3% occupancy since 2022,” Morningstar stated.

Chicago Title Company filed a notice of mortgage default by owner 1019 Market St. LP in April and plans to auction off the property in a foreclosure sale, according to an August notice.

Zendesk left the building in 2022 and is now headquartered at 181 Fremont St. The company received the controversial “Twitter tax break” to move to Mid-Market, as part of a city effort to revitalize the troubled neighborhood. The tax break expired in 2019.

Mid-Market fell apart during the pandemic. Uber, Block and X, formerly Twitter, all left the area in the past five years. Numerous retailers and restaurants also shuttered, though, more recently, Ikea opened a store, food hall and co-working center and popular Filipino fast food chain Jollibee plans to open nearby.

The historic 1019 Market St. building was completed in 1909 and previously housed the Eastern Outfitting Company and Union Furniture Store.

The city filed plans in 2023 to buy 1019 Market and convert it into a mental health center for homeless and uninsured residents. But the plan never moved forward and the property hasn’t been sold.