Academy of Art Moves to Foreclose on Tony Garnicki Affiliate Over $3.6MM Seller Loan at 2300 Stockton in San Francisco
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 37th San Francisco story tracked on the wire in October 2026. All San Francisco coverage →
- Disclosed office deal value tracked in October 2026: $2.2B across 6 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
Four months after Academy of Art University sold its former office building at 2300 Stockton Street to an affiliate of investor Tony Garnicki, the school has moved toward foreclosure on the property, recording a notic…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco · Office
SupplyBank.org Launches $200MM Oakport Campus on East Oakland Shoreline, Preleasing 160,000 SQFT Nonprofit Office
SupplyBank.org has formally launched its roughly $200 million Oakport campus on utility-owned shoreline land across Interstate 880 from the Oakland Coliseum, pairing a utility and distribution center with a five-story…
BXP Signs On as Consultant, JLL Lands Leasing Assignment for 1.5MM SQFT Fifty at First Tower in San Francisco
The San Francisco Recovery Fund has formally brought BXP aboard as a development, leasing and marketing consultant and named JLL exclusive office leasing agent for Fifty at First, assembling the team that will try to…
Glenn Agre Expands San Francisco Office with Trial Lawyer and Strategic Advisor KC Maxwell
Maxwell, a trial lawyer with three decades of white collar, investigations and technology-sector experience, joins the firm as it builds a West Coast platform for disputes involving venture-backed and emerging compani…
Juicebox and Newmark Show Software and Tech Dominate Talent Searches in San Francisco, With Office Leasing Tracking Toward 30-Year High
San Francisco Office Leasing Rises 37% in First Half of 2026 as Engineers Remain Top Recruiting Target
A joint analysis by recruiting platform Juicebox and Newmark Research finds San Francisco office leasing up 37 percent in the first half of 2026, with average deal sizes back above 20,000 square feet and recruiters st…
Gap Opens Its 2 Folsom Street Headquarters to Bay Area Artists as San Francisco Office Vacancy Hovers Near 30%
Gap Inc. is turning parts of its waterfront headquarters at 2 Folsom Street into a venue for live music, artist residencies and maker workshops, the latest step in a multiyear effort by the retailer to put its home-ci…