San Francisco Offices Sell at Bargain-Basement Discount

Realm and Cannae Partners are the new owners of an office property in San Francisco’s South Beach neighborhood.

Nashville, Tennessee-based investment collective Realm and local real estate investment firm Cannae Partners acquired 340 Bryant Street for approximately $10 million, the companies announced in a news release. The property spans 66,000 square feet and is fully vacant.

The building was originally constructed in 1932 and was occupied by WeWork before the coworking company abandoned its offices there in 2021, the San Francisco Business Times reported. Renovations were completed in 2015 with approximately $14.7 million in capital improvements. Amenities include a rooftop deck with panoramic water views, showers and locker rooms. The four-story building is categorized as mixed-use overlay zoning, allowing office, and research and development uses.

Realm was attracted to 340 Bryant because it’s a “high-quality and functional building” in “a submarket poised for outperformance,” Travis King, founder and CEO of Realm, said in the release. “South Beach’s resilience, combined with citywide recovery signals, suggest rapid stabilization and sustained momentum.”

In 2023, after Pollock Financial defaulted on a UBS-originated commercial mortgage-backed securities loan tied to the South Beach office building, appraisers slashed its value by 84 percent. The building was valued at $8.2 million — a significant fall from its previous value of $52 million. The distress was linked to WeWork’s failure to pay rent; the company had signed a 10-year lease in 2019, but halted monthly payments in December 2020. The coworking giant ended up filing for Chapter 11 bankruptcy protection in late 2023.

The San Francisco office market closed out the fourth quarter with a 32.8 percent vacancy rate, according to CBRE’s fourth-quarter 2025 report. That’s a drop from 35.4 percent in the third quarter, the San Francisco Business Times reported, citing JLL data.