Pimco Prime Real Estate Lists 383,000 SQFT Office Tower for $250MM in San Francisco
The Registry August 5, 2026 3 Mins read
Pimco Prime Real Estate is seeking roughly $653 a square foot for the Docusign-anchored tower, a price that would rank among San Francisco’s highest post-pandemic office trades as citywide vacancy hits its lowest point since 2023 and leasing volume approaches a three-decade high.
A nearly fully leased San Francisco office tower anchored by Docusign is hitting the market at one of the highest asking prices the city has seen since the pandemic, a listing that arrives just as citywide leasing and vacancy data point to the strongest office recovery San Francisco has recorded in years. Pimco Prime Real Estate is seeking around $250 million, or roughly $653 per square foot, for the 383,000-square-foot building at 221 Main St. in the South Financial District, according to a report from the San Francisco Business Times. Eastdil Secured is marketing the property, which is managed by Columbia Property Trust.
The building is nearly 100 percent occupied following Docusign’s recommitment and expansion into close to 150,000 square feet in October, when the software company took two additional floors and extended its lease after briefly downsizing during the pandemic. Financial-technology company Affirm Holdings leased two floors totaling 47,000 square feet last fall, and the ownership recently signed additional tenants in a 12,000-square-foot space on the 16th floor and a 4,000-square-foot space on the fourth floor, according to the report. Other tenants include Prosper Marketplace and Proof School.
That leasing momentum mirrors what market data is showing across the city. San Francisco’s overall office vacancy ended the second quarter of 2026 at 30.1 percent, down 120 basis points from the prior quarter and 360 basis points from 33.8 percent a year earlier, marking the market’s lowest vacancy rate since the third quarter of 2023, according to CBRE. Gross leasing volume hit 4.1 million square feet for the quarter, the highest quarterly total since the second quarter of 2019, and the market recorded nine leases exceeding 100,000 square feet, a new record, per CBRE’s data. JLL separately reported 1.6 million square feet of net absorption in the quarter, making San Francisco the largest single contributor to national office absorption. Sublease space, long a drag on the market, fell to 3.5 million square feet — its lowest level since early 2020 — with San Francisco posting the largest year-over-year decline in available sublease space of any U.S. market, according to Cushman & Wakefield.
Newmark’s research points to an even more aggressive leasing pace: San Francisco office leasing has surged to all-time highs in the first half of 2026, with real vacancy — a stricter measure than headline figures — nearing 15 percent. Citywide leasing is on track to approach 15 million square feet for the year, a level that would rival the market’s mid-1990s peak, fueled in large part by AI startups deploying a wave of fresh venture capital into office expansions.
Pricing power is following the same trajectory, particularly for top-tier assets. San Francisco’s overall average asking rent reached $70.31 per square foot on a gross annual basis in the second quarter, up from $69.22 in the first quarter, while Class A Tier 1 buildings held direct asking rents at $106.97 per square foot against a direct vacancy rate of just 8.2 percent — a 37.3 percent premium over the broader central business district, according to CBRE.
Investment sales are following the leasing recovery, though large trades of stabilized, fully leased buildings like 221 Main St. remain rare. The closest comparable, Strada Investment Group’s $103 million purchase of the 133,427-square-foot 1 De Haro St. — leased entirely to Samsara — closed at roughly $772 per square foot, according to previous reporting from The Registry, and was widely viewed as a signal of what buildings with established cash flows could command.
Other recent large trades have priced across a wider range: Madison Capital’s acquisition of the 594,000-square-foot office tower at 45 Fremont St. closed at $238 million, or about $401 per square foot, while Yoda Plc’s $691.6 million purchase of the 750,000-square-foot Transamerica Pyramid Center worked out to roughly $922 per square foot, both according to The Registry. On the distressed end of the spectrum, a partnership between Fenway Capital Advisors and the Meridian Group took control of the 640,000-square-foot, largely vacant 415 Natoma St. tower after acquiring roughly $200 million of its construction debt and completing a deed-in-lieu-of-foreclosure process, a deal valued at just north of $300 per square foot.
San Francisco’s office debt is also outperforming the broader market: the city’s office CMBS delinquency rate fell to 6.63 percent in June, well below the 11.53 percent national rate, according to Trepp data — a sign that lenders, not just tenants, are betting the city’s recovery has staying power.
Pimco, formerly Allianz Real Estate, first bought a 45 percent stake in 221 Main St. from Columbia Property Trust for $180 million in 2020, then acquired the remaining interest after Pacific Investment Management Co. — an Allianz subsidiary — took over Columbia at the end of 2021. Vacancy in the building climbed as high as 40 percent during the pandemic before Docusign’s late-2025 expansion helped absorb the bulk of that space.