SFF Realty Partners Buys AllianceBernstein’s 154,000 SQFT 2390 Mission College Blvd. in Santa Clara for $44.25MM
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. 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 LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
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On the RET wire
- The 15th San Francisco story tracked on the wire in September 2026. All San Francisco coverage →
- Disclosed capital deal value tracked in September 2026: $23.5B across 49 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
The 153,549-square-foot Class A tower that AllianceBernstein seized from PCCP in a 2025 foreclosure has traded for $44.25 million, roughly doubling the lender's basis and handing a newly capitalized Bay Area fund its…
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