Presidio Bay Acquired 301 Battery After Foreclosure
The firm took control of the 186,000-square-foot office building in October after RFR Holdings defaulted on the loan.
Updated on Oct. 6, 2026 in Commercial
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Office space at 301 Battery has changed hands as Presidio Bay secured the property through a deed in lieu of foreclosure. This transition concludes RFR Holdings ownership of the eight-story site after the firm was unable to maintain its mortgage payments.
Why it matters
This transfer highlights the ongoing volatility in downtown commercial real estate as owners continue to grapple with high vacancy rates and debt service. It remains to be seen how the new owner will reposition the office space within the current market.
The property was acquired for a lender position cost of $70 million against a remaining loan balance of $130 million. RFR Holdings had originally purchased the building for $143 million in February 2020.
The players
Presidio Bay
A local real estate firm that has been actively acquiring office properties through foreclosure proceedings.
RFR Holdings
The former owner of 301 Battery that defaulted on the property mortgage.
Bridges Capital
The investment partner that worked with Presidio Bay to acquire the lender position for the property.
Mack Real Estate
The previous holder of the lender position that sold its interest to Presidio Bay.
The details
Presidio Bay, in partnership with Bridges Capital, purchased the lender position from Mack Real Estate in July 2026. After a notice of default was issued to negotiate the handover, the deed in lieu of foreclosure was recorded last week. This follows Presidio Bay's February 2026 acquisition of an office building at 333 Valencia.
Timeline
February 2020: RFR Holdings purchased 301 Battery.
July 2026: Presidio Bay and Bridges Capital bought the lender position.
September 2026: The deed in lieu of foreclosure was recorded.
October 2026: Presidio Bay took ownership of the property.
Late October 2026: Presidio Bay will unveil The Spear project.
Across the Bay
The transfer of 301 Battery follows the strategy established by the firm's earlier acquisition of the Valencia Street office property. This deal marks the latest transition of a downtown asset as firms look to move past the initial shock of the post-2020 commercial real estate reset.
Residents and those working near Battery Street may see changes to the building’s activity and exterior as the new owners begin their transition. Watch for the firm’s upcoming announcement regarding their broader plans at 88 Spear Street later this month.
The takeaway
The handover of 301 Battery signals continued consolidation among local developers who are picking up distressed assets. Keep an eye on Presidio Bay's unveiling of their redevelopment project at 88 Spear St later this week for clues on how they plan to revitalize their recent acquisitions.
Further reading
For more on the shifting state of the local market, visit Commercial.
Source note: This article includes information reported by The San Francisco Standard.
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