Vanbarton Pushes 128,000 SQFT 115 Sansome to 90% Leased After 70,000 SQFT of Deals in San Francisco’s Financial District
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.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 55th San Francisco story tracked on the wire in November 2026. All San Francisco coverage →
- Disclosed capital deal value tracked in November 2026: $12.8B across 18 reported transactions.
Computed from Real Estate Trail’s own tracked coverage
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…
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