Lake Merritt BART Plan Trades 28-Story Tower for 112-Unit Affordable Building in Oakland
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. 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. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 54th San Francisco story tracked on the wire in November 2026. All San Francisco coverage →
Computed from Real Estate Trail’s own tracked coverage
East Bay Asian Local Development Corp. has filed plans to replace a long-planned 28-story, mostly market-rate tower on the former Lake Merritt BART parking lot with One Fallon, an eight-story building of 111 income-re…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco
AI Tenants Push San Francisco Trophy Office Rents Toward $180 as ‘Flight to Experience’ Takes Hold
On the latest episode of CBRE's The Weekly Take podcast, Presidio Bay founder Cyrus Sanandaji and CBRE's Conor Famulener argued that San Francisco's office market has split in two, with AI-driven demand, record large-…
Twilio to Move San Francisco HQ to 27,000 SQFT at 425 Market Street, Cutting Footprint by Two-Thirds
The remote-first software company will leave its 83,000-square-foot space at Rincon Center for a single floor at MetLife’s Financial District tower, about 10 percent of the footprint it held there at its peak. Twilio…
Vanbarton Pushes 128,000 SQFT 115 Sansome to 90% Leased After 70,000 SQFT of Deals in San Francisco’s Financial District
Three years after it chose a discounted loan payoff over a fire sale, Vanbarton Group has filled its 15-story 115 Sansome St. tower to 90 percent by turning vacated floors into furnished spec suites, a bet that now lo…
37,000 SQFT Pioneer Building, Exa’s HQ and Former Home of Stripe, OpenAI and xAI, Hits Market in San Francisco
The three-story 1902 trunk factory at 3180 18th St. that served as a launchpad for Stripe, OpenAI and xAI is up for sale just weeks after AI search startup Exa took over the entire building, giving investors a rare sh…
Richmond Absorbs 664,000 SQFT in 2026 as Hayward and Oakland Bleed Industrial Tenants
Richmond has absorbed 664,000 square feet of industrial space so far in 2026, more than any other East Bay submarket, while Hayward and Oakland have together given back more than 650,000 square feet, as low rents and…
Five Keys, TNDC Clear Path for $26.7MM Supportive Housing Rehab of 835 Turk Street in San Francisco
With environmental clearance now on file, Five Keys and the Tenderloin Neighborhood Development Corporation can move ahead on a top-to-bottom rehab of the city-owned former Vantaggio Suites hotel at 835 Turk Street, a…