Ethan Mann

Celebrating a great @TCP_RE holiday party, and special thanks to Jensen Huang of @nvidia for stopping by. Can’t wait for an even better 2025! @FrontlineCRE

@moseskagan Thanks Moses. All credit to @FrontlineCRE for taking the real risk on this one. Fortunate to be a part of it all :)

@EthanMannCRE What a good thing to have done Bravo

Last June 2025, we purchased a distressed office building w/ a parking garage (171k SF) in San Francisco for $28 million dollars ($164/SF) on 2nd Street in San Francisco. The building was 8% occupied at close. Since the acquisition, we have leased the building to 62% occupancy with lease negotiations to be at 80% in the coming weeks. I’m a proud investor in the building, and fortunate to work on the lease-up of the building. This building is tracking to stabilize at an 11%+ yield on cost. Office values have increased in the last year since acquisition, but I believe there is still great buying opportunities out there. If anyone is interested in learning about investing in the SF office market, please feel free to reach out. Q1 2026 office leasing activity in SF hit a historic high of 4.1mm SF with record positive absorption.

@joeyscleaning Yes

@EthanMannCRE seismic retrofit?

@_EJJohnston_ Averaging around 4 year leases

@EthanMannCRE Great work. Are you getting much term on your leases?

@credealjunkie Will he sell it? Numbers may work for little office repositioning project.

One of my favorite buildings in downtown San Francisco. Tall and skinny, office suites empty for the past 15 years. Would be such a cool little conversion to resi, which sadly doesn’t pencil so this will just fit vacant maybe forever.

@seandsweeney Cotogna and Kokkari are my favorites I’ve been to recently.

What’s the best restaurant in San Francisco right now? Might be stopping in for one night and want to take my wife somewhere amazing. Who is the SF foodie on here and can help me?

@credealjunkie My guess is someone else will buy it for $6.9mm.

Update here: We offered $6,725,000. Seller refused to counter. Now what?

3.6 million SqFt of office leasing in San Francisco in Q1 2025, the highest since 2018. The tides are turning. Even seeing some bidding wars on good space. Might it be a great time to be buying an SF office building?

@credealjunkie Bought for $725k in 96’ and sold for $33 mill in 2025 🤯

Smart CRE investor + celebrity chef + cool building + great location = smart real estate The formula is simple - it's all in the execution

Agreed. and in San Francisco it costs $500-600/ft to convert the very best conversion candidates and that doesn't even account for any seismic upgrades that would be triggered. You can buy cash-flowing MF for far below that. Offiec-to-Resi conversions at scale in SF are a pipe dream.

“Just convert that old office building into residential!” Not so fast. For the 30% of office buildings where it’s maybe even financially viable, it’s around $350 a foot to convert from office to residential. Much harder than most folks realize. Many worth around land value.

For high-quality multi-tenant buildings or standalone buildings with sub-20k space, AI startup demand is strong if well-located and it has really been picking up recently. But overall, that demand hasn’t helped the general vacancy rate much, and that AI demand is not absorbing the large blocks of space that are empty. It’s a bifurcated market—great for owners with well-located small-to-medium spaces, and very tough for those holding large chunks of vacancies.

@NersesAposhian @EthanMannCRE feel like this is your domain

@KenjiCapital Love it! Union Square is special during the holidays!

Live look at San Francisco right now. Happy Friday and Holidays everyone! 📍 Union Square - SF

@kylematthewsceo Group that bought this is gonna crush it. Great building.

You don't often see 20 years of price appreciation wiped out, but we are in strange times indeed. The Kohl Building in San Francisco's Financial District was purchased by Redco and Bridges Capital for $25.75 million—a staggering 66% drop from its $77.5 million sale price in 2019, despite extensive renovations. Even more striking, the building fetched a similar $27 million back in 2006, wiping out nearly two decades of appreciation. San Francisco’s office sector is grappling with dramatic shifts in user preferences and tight lending conditions, far more than most metros, and it is unlikely Fed Rate changes alone will return office pricing to 2019 levels anytime soon. Despite the challenges, opportunistic investors are starting to act, and I wouldnt be surprised to look back in a decade and see that purchasing Class A office in core CBDs at today's extremely low prices was the a smart decision. Photo credit: Noehill.com

@credealjunkie Yea agreed it’s a bit misleading to make it seem like that’s market rents.

@EthanMannCRE For sure - but it's just so far off from reality it seems disingenuous to me

The big brokerages are putting out research that office rents in San Francisco are in the $60s. Everyone knows this is complete BS, but they keep printing it. Meanwhile you can lease prime creative space in the mid $20s

@GhostofEdie @SukritGanesh Tbh, I don't know the intricacies of what would need to be done to the systems to be compliant for a shelter. I'm sure there would need to be upgrades. Not sure the extent of it though.

@EthanMannCRE @SukritGanesh So change of use from commercial to de facto residential wouldn’t trigger a whole host of code upgrades: plumbing, electrical ,seismic etc?

Thread: This 90000 sqft office building in SF is selling for just $9 million. If the city is serious about getting all homeless people off the streets, it should seriously consider buying one or two buildings like this and converting them to emergency shelters. Let me explain: 1/

@credealjunkie Yes

@EthanMannCRE Interesting - are users out there in the market to buy?

We're about to find out who's the ballsiest investor in the San Francisco office market. 995 Market Street, at the corner of Skid Row and Skid Row, went back to the bank this April Now back asking $9,000,000*, or around $100psf for 90,000sqft. *Needles not included. (story from CoStar)