BXP Wins 18-Month Extension for $1B, 981,000 SQFT 4th and Harrison Office Project in Central SoMa as It Courts an AI Anchor
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
- One of 30 office stories tracked on the wire in October 2026. All Office coverage →
- 18 stories mentioning BXP on the wire in the past 90 days. BXP coverage →
Computed from Real Estate Trail’s own tracked coverage
BXP has secured 18 more months to keep its long-dormant 4th and Harrison office campus alive in San Francisco's Central SoMa, and the landlord's own leasing data suggests the roughly $1 billion project finally has a d…
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