Swinerton Opens 30,000 SQFT Office at BXP’s 680 Folsom, Ending 25-Year Run at 260 Townsend 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 74th San Francisco story tracked on the wire in November 2026. All San Francisco coverage →
- Disclosed office deal value tracked in November 2026: $6.2B across 31 reported transactions. All Office coverage →
- 15 stories mentioning BXP on the wire in the past 90 days. BXP coverage →
Computed from Real Estate Trail’s own tracked coverage
Swinerton has moved its San Francisco division out of 260 Townsend Street after more than 25 years and into a 30,400-square-foot, single-floor office it designed and built itself at BXP's 680 Folsom Street, a downtown…
External link. Real Estate Trail does not republish source content.
Related coverage — San Francisco · Office
1754 Properties Makes First Office Acquisition with Google-Leased San Francisco Asset
A joint venture between affiliates of 1754 Properties and Vander Capital Partners has closed on the acquisition of 40 Jessie St., a 49,560-square-foot office building in downtown San Francisco that is 100% leased to G…
Hudson Pacific Exits Two North San Jose Office Properties for $100.5MM but Still Holds 2.1MM SQFT at 70.6% Occupancy
Hudson Pacific Properties has unloaded two largely vacant North San Jose office properties for a combined $100.5 million and wrote down one of them, yet it still holds 2.09 million square feet in the submarket at 70.6…
MBZUAI’s Institute of Foundation Models Leases 27,000 SQFT Former LinkedIn Office in Sunnyvale’s Peery Park
A former LinkedIn office that sat empty for years is fully leased again as Sunnyvale office vacancy drops to 10.3 percent, the steepest decline among Silicon Valley submarkets. The Institute of Foundation Models, the…
Bay Area Tech Giants Bring Office Leasing Home as Market Value Jumps 28%
Bay Area-headquartered public companies have gained 28 percent in market value over the past year and are steering a growing share of their office and R&D leasing back to the region, even as JLL data shows San Francis…
Yerba Buena Sheds 78,000 SQFT, Vacancy Hits 63.9% as San Francisco’s AI Office Recovery Passes It By
The submarket wrapped around Moscone Center and Yerba Buena Gardens was the only core San Francisco office district to lose occupancy in the third quarter, leaving nearly two-thirds of its space empty even as AI tenan…
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-…