Kevin V. Nguyen

The bright spot in San Francisco&#8217;s <a href="https://sfstandard.com/2024/04/24/how-much-big-tech-pulled-back-in-san-francisco/">contracting real estate market</a> has been the <a href="https://sfstandard.com/2024/08/29/measuring-ai-growth-in-sf-through-office-space/">race for space</a> by AI tenants.&nbsp;

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The bright spot in San Francisco's <a href="https://sfstandard.com/2024/04/24/how-much-big-tech-pulled-back-in-san-francisco/">contracting real estate market</a> has been the <a href="https://sfstandard.com/2024/08/29/measuring-ai-growth-in-sf-through-office-space/">race for space</a> by AI tenants.&nbsp;

The bright spot in San Francisco&#8217;s <a href="https://sfstandard.com/2024/04/24/how-much-big-tech-pulled-back-in-san-francisco/">contracting real estate market</a> has been the <a href="https://sfstandard.com/2024/08/29/measuring-ai-growth-in-sf-through-office-space/">race for space</a> by AI tenants.&nbsp;

As OpenAI and Anthropic raised billions for growth, they weren&#8217;t dialing up any of the brand-name brokerages in town. Instead, the call was going out to an independent firm few had heard about before the pandemic: Raise Commercial Real Estate.

As OpenAI and Anthropic raised billions for growth, they weren't dialing up any of the brand-name brokerages in town. Instead, the call was going out to an independent firm few had heard about before the pandemic: Raise Commercial Real Estate.

As OpenAI and Anthropic raised billions for growth, they weren&#8217;t dialing up any of the brand-name brokerages in town. Instead, the call was going out to an independent firm few had heard about before the pandemic: Raise Commercial Real Estate.

The startup facilitated<a href="https://sfstandard.com/2024/09/20/open-ai-expands-in-mission-bay/"> San Francisco’s largest office leases</a> of both 2023 and 2024 so far and has had a bevy of emerging AI clients waiting in the wings, <a href="https://sfstandard.com/2024/09/30/ai-gaming-company-finds-a-new-home-in-union-square/">ready to move into bigger offices.</a>

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The startup facilitated<a href="https://sfstandard.com/2024/09/20/open-ai-expands-in-mission-bay/"> San Francisco’s largest office leases</a> of both 2023 and 2024 so far and has had a bevy of emerging AI clients waiting in the wings, <a href="https://sfstandard.com/2024/09/30/ai-gaming-company-finds-a-new-home-in-union-square/">ready to move into bigger offices.</a>

But in a sudden twist, the plucky underdogs cashed out this week, announcing that they had reached an agreement to be acquired by global real estate giant Jones Lang LaSalle (JLL). Both firms declined to disclose the sale price but said the deal was expected to close in the coming weeks.&nbsp;

But in a sudden twist, the plucky underdogs cashed out this week, announcing that they had reached an agreement to be acquired by global real estate giant Jones Lang LaSalle (JLL). Both firms declined to disclose the sale price but said the deal was expected to close in the coming weeks.&nbsp;

“It is sort of like David joining forces with Goliath,” Raise founder and CEO Justin Bedecarre told The Standard. Still giddy, he added that it was the “best week of my life.”&nbsp;

“It is sort of like David joining forces with Goliath,” Raise founder and CEO Justin Bedecarre told The Standard. Still giddy, he added that it was the “best week of my life.”&nbsp;

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“I look at this as a means to an end,” Bedecarre said. “We built something no one has been able to build before, and there is no better way to scale it for our clients — some of whom are going global — than to join a Fortune 200 company that believes in us.”&nbsp;

“I look at this as a means to an end,” Bedecarre said. “We built something no one has been able to build before, and there is no better way to scale it for our clients — some of whom are going global — than to join a Fortune 200 company that believes in us.”&nbsp;

Around 2011, while in his late 20s, Bedecarre left his post as a junior broker at Cushman &amp; Wakefield to <a href="https://www.bizjournals.com/sanjose/news/2023/12/22/raise-commercial-unveils-workplace-analytics-tech.html">start developing technologies</a> for the commercial real estate industry, co-founding two startups in the process. One, formerly known as HelloOffice, became Raise in 2020.&nbsp;

Around 2011, while in his late 20s, Bedecarre left his post as a junior broker at Cushman &amp; Wakefield to <a href="https://www.bizjournals.com/sanjose/news/2023/12/22/raise-commercial-unveils-workplace-analytics-tech.html">start developing technologies</a> for the commercial real estate industry, co-founding two startups in the process. One, formerly known as HelloOffice, became Raise in 2020.&nbsp;

The firm’s proprietary technology is an Airbnb-like platform for companies to manage their real estate holdings in one place. Other features include the ability to measure in-person office usage. Bedecarre and his team then built a traditional brokerage service on top of those products and sold them to clients in a bundle.&nbsp;

The firm’s proprietary technology is an Airbnb-like platform for companies to manage their real estate holdings in one place. Other features include the ability to measure in-person office usage. Bedecarre and his team then built a traditional brokerage service on top of those products and sold them to clients in a bundle.&nbsp;

“We just stood out from the crowd,” Bedecarre said of Raise’s ability to beat larger real estate firms to clients like OpenAI and Anthropic. “No one else was offering what we had.”

“We just stood out from the crowd,” Bedecarre said of Raise’s ability to beat larger real estate firms to clients like OpenAI and Anthropic. “No one else was offering what we had.”

An employee walks toward the entrance of the OpenAI building on 575 Florida Street in San Francisco on Friday, June 7, 2024.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/06/20240603_openaiguards-tv0311.jpg?w=2500" alt="A woman is seen walking past a gate in a photo." class="wp-image-282010"/><figcaption class="wp-element-caption">An employee walks toward the entrance of the OpenAI building on 575 Florida Street. The company also has nearly 1 million square feet of office in Mission Bay.</figcaption></figure>

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<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/06/20240603_openaiguards-tv0311.jpg?w=2500" alt="A woman is seen walking past a gate in a photo." class="wp-image-282010"/><figcaption class="wp-element-caption">An employee walks toward the entrance of the OpenAI building on 575 Florida Street. The company also has nearly 1 million square feet of office in Mission Bay.</figcaption></figure>

Personal relationships help too. Bedecarre’s initial startup went through<a href="https://www.ycombinator.com/companies/42floors"> Y Combinator</a> when Sam Altman ran the accelerator, and the two continued working together on office transactions after Altman took over OpenAI.&nbsp;

Personal relationships help too. Bedecarre’s initial startup went through<a href="https://www.ycombinator.com/companies/42floors"> Y Combinator</a> when Sam Altman ran the accelerator, and the two continued working together on office transactions after Altman took over OpenAI.&nbsp;

Bedecarre said conversations around an acquisition started picking up at the start of the year, and several of JLL’s competitors had inquired about buying Raise. He denied that he was pushed by his venture-capital investors to sell.&nbsp;

Bedecarre said conversations around an acquisition started picking up at the start of the year, and several of JLL’s competitors had inquired about buying Raise. He denied that he was pushed by his venture-capital investors to sell.&nbsp;

Raise has raised around $26.5 million from investors including <a href="https://sfstandard.com/2024/10/02/layoffs-garry-tan-vc-firm-initialized-capital/">Initialized Capital</a>, Founders Fund, and Point72 Ventures.

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Raise has raised around $26.5 million from investors including <a href="https://sfstandard.com/2024/10/02/layoffs-garry-tan-vc-firm-initialized-capital/">Initialized Capital</a>, Founders Fund, and Point72 Ventures.

“There was no pressure to get an exit,” Bedecarre said. “Both sides were coming from positions of strength. JLL was starting to put a lot of new pieces in place about how they were going to approach leasing in this next cycle that really impressed us.”

“There was no pressure to get an exit,” Bedecarre said. “Both sides were coming from positions of strength. JLL was starting to put a lot of new pieces in place about how they were going to approach leasing in this next cycle that really impressed us.”

As part of the deal, JLL will gain access to Raise’s clients and integrate its tools across the 110,000-person company. Bedecarre will report to Andy Poppink, a <a href="https://www.youtube.com/watch?app=desktop&amp;v=M8p88rnSzxw">former professional basketball player</a> who now leads JLL&#8217;s Markets Advisory team.&nbsp;

As part of the deal, JLL will gain access to Raise’s clients and integrate its tools across the 110,000-person company. Bedecarre will report to Andy Poppink, a <a href="https://www.youtube.com/watch?app=desktop&amp;v=M8p88rnSzxw">former professional basketball player</a> who now leads JLL's Markets Advisory team.&nbsp;

As part of the deal, JLL will gain access to Raise’s clients and integrate its tools across the 110,000-person company. Bedecarre will report to Andy Poppink, a <a href="https://www.youtube.com/watch?app=desktop&amp;v=M8p88rnSzxw">former professional basketball player</a> who now leads JLL&#8217;s Markets Advisory team.&nbsp;

Justin Bedecarre, left, just sold his company Raise Commercial Real Estate to JLL. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/10/2023-hackathon-in-raise-ny-office.jpg?w=2500" alt="A group of smiling people stands indoors, holding certificates and a trophy. Most wear matching black shirts, and a screen in the background displays &quot;RAISE HACKATHON 2023.&quot;" class="wp-image-318986"/><figcaption class="wp-element-caption">Justin Bedecarre, left, founded Raise Commercial Real Estate in 2016 around proprietary technology that allows users to manage all of their offices on one platform. </figcaption></figure>

Raise Commercial Real Estate's offices in Jackson Square. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/10/img_6811.jpg?w=2500" alt="The image shows a busy office gathering with people socializing around tables with drinks. The setting is modern, with exposed ductwork and comfortable seating." class="wp-image-318987"/><figcaption class="wp-element-caption">Raise Commercial Real Estate&#8217;s offices in Jackson Square. The firm was beating its larger competitors to the trendiest tenants in town. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/10/img_6811.jpg?w=2500" alt="The image shows a busy office gathering with people socializing around tables with drinks. The setting is modern, with exposed ductwork and comfortable seating." class="wp-image-318987"/><figcaption class="wp-element-caption">Raise Commercial Real Estate's offices in Jackson Square. The firm was beating its larger competitors to the trendiest tenants in town. </figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/10/img_6811.jpg?w=2500" alt="The image shows a busy office gathering with people socializing around tables with drinks. The setting is modern, with exposed ductwork and comfortable seating." class="wp-image-318987"/><figcaption class="wp-element-caption">Raise Commercial Real Estate&#8217;s offices in Jackson Square. The firm was beating its larger competitors to the trendiest tenants in town. </figcaption></figure>

A senior JLL executive overseeing the transition, who asked for anonymity to discuss sensitive matters, told The Standard the acquisition will not trigger layoffs, despite generating some redundancies.

A senior JLL executive overseeing the transition, who asked for anonymity to discuss sensitive matters, told The Standard the acquisition will not trigger layoffs, despite generating some redundancies.

The purchase continues a decades-long trend of consolidation within San Francisco’s commercial real estate industry, which had historically been a fragmented landscape of local and regional players.&nbsp;

The purchase continues a decades-long trend of consolidation within San Francisco’s commercial real estate industry, which had historically been a fragmented landscape of local and regional players.&nbsp;

Several industry experts surveyed by The Standard said publicly traded firms like JLL use acquisitions to grow their balance sheets and acquire talent in areas where they’re falling behind.

Several industry experts surveyed by The Standard said publicly traded firms like JLL use acquisitions to grow their balance sheets and acquire talent in areas where they’re falling behind.

Tech exodus looks bad for SF — but the doomsayers are wrong about the reasons

For example, real estate giant CBRE spent seven figures in 2017 to acquire an independent firm called Custom Spaces, started by a <a href="https://www.vox.com/2014/8/8/11629684/two-drinks-with-jenny-haeg-on-startup-office-must-haves">young San Francisco broker named Jenny Haeg</a> who had <a href="https://techcrunch.com/2013/11/05/custom-spaces-wants-to-be-a-houzz-for-startup-offices-in-san-francisco/">accumulated an impressive roster of clients</a> that included Uber, Spotify, Dropbox, and Airbnb.&nbsp;

For example, real estate giant CBRE spent seven figures in 2017 to acquire an independent firm called Custom Spaces, started by a <a href="https://www.vox.com/2014/8/8/11629684/two-drinks-with-jenny-haeg-on-startup-office-must-haves">young San Francisco broker named Jenny Haeg</a> who had <a href="https://techcrunch.com/2013/11/05/custom-spaces-wants-to-be-a-houzz-for-startup-offices-in-san-francisco/">accumulated an impressive roster of clients</a> that included Uber, Spotify, Dropbox, and Airbnb.&nbsp;

Recently, Haeg helped CBRE facilitate Scale.AI’s <a href="https://www.sfchronicle.com/realestate/article/s-f-airbnb-scale-ai-off-real-estate-19482263.php">sublease of the Airbnb headquarters</a> on Townsend Street.&nbsp;

Recently, Haeg helped CBRE facilitate Scale.AI’s <a href="https://www.sfchronicle.com/realestate/article/s-f-airbnb-scale-ai-off-real-estate-19482263.php">sublease of the Airbnb headquarters</a> on Townsend Street.&nbsp;

Before she struck out on her own, Haeg was trained at a local firm called CAC Group, which dominated the city’s office leasing market during the 1990s and 2000s before it, too, was <a href="https://www.bizjournals.com/sanfrancisco/blog/real-estate/2013/12/cac-sells-to-cbre-to-go-global.html">swallowed up by CBRE in 2013</a>.

Before she struck out on her own, Haeg was trained at a local firm called CAC Group, which dominated the city’s office leasing market during the 1990s and 2000s before it, too, was <a href="https://www.bizjournals.com/sanfrancisco/blog/real-estate/2013/12/cac-sells-to-cbre-to-go-global.html">swallowed up by CBRE in 2013</a>.

In each of those deals, both buyers and sellers repeated themes of “shared values” and combining forces to reach more clients in more markets.&nbsp;

In each of those deals, both buyers and sellers repeated themes of “shared values” and combining forces to reach more clients in more markets.&nbsp;

Raise, the commercial real estate agent for North Park SF at 560 Davis St. has started posting available space signage around the complex at 560 Davis Street in San Francisco on Thursday, Oct. 12, 2023. North Park SF, an office complex in Jackson Square, was sold by Gaw Capital to Blackstone Group in 2018 for $245 million. Just five years later, sources say Gaw Capital was chosen to repurchase the property for around $90 million, more than 60% less than the previous price.  San Francisco’s turbulent commercial real estate market offers financial opportunities for developers and others that may have the financial assets and the patience to wait on the most desirable space available. Some developers have traditionally focused on renovating midsized office buildings but are now looking to help facilitate a renters pool that include private equity firms and family offices.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/10/INLINED06_CREWinnersfromDoom100223.jpg?w=2500" alt="A poster on a glass door advertises office space, featuring photos of modern interiors and a QR code, with highlights of high-tech services offered by Raise." class="wp-image-211091"/><figcaption class="wp-element-caption">JLL will absorb all of Raise&#8217;s technology and brokerage services.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/10/INLINED06_CREWinnersfromDoom100223.jpg?w=2500" alt="A poster on a glass door advertises office space, featuring photos of modern interiors and a QR code, with highlights of high-tech services offered by Raise." class="wp-image-211091"/><figcaption class="wp-element-caption">JLL will absorb all of Raise's technology and brokerage services.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/10/INLINED06_CREWinnersfromDoom100223.jpg?w=2500" alt="A poster on a glass door advertises office space, featuring photos of modern interiors and a QR code, with highlights of high-tech services offered by Raise." class="wp-image-211091"/><figcaption class="wp-element-caption">JLL will absorb all of Raise&#8217;s technology and brokerage services.</figcaption></figure>

John Diepenbrock and Dan Johnson of Raise Commercial.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240930-newaileasescoopunionsquare-es-35-lowres.jpg?w=2048" alt="Two men in suits stand in a bar with various liquor bottles, glassware, and a kitchen behind them, posing with serious expressions." class="wp-image-316906"/><figcaption class="wp-element-caption">John Diepenbrock and Dan Johnson of Raise Commercial recently helped an emerging AI company find a new office in Union Square. </figcaption></figure>

For JLL, the transaction will give them a leg-up on the next wave of tech growth. Shortly after the Raise deal was announced, OpenAI said it had raised $6.6 billion in what ranks as the <a href="https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/">biggest funding round of all time</a>. The new cash ballooned its valuation to $157 billion, making it far and away the fastest-growing technology company in the Bay Area.

For JLL, the transaction will give them a leg-up on the next wave of tech growth. Shortly after the Raise deal was announced, OpenAI said it had raised $6.6 billion in what ranks as the <a href="https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/">biggest funding round of all time</a>. The new cash ballooned its valuation to $157 billion, making it far and away the fastest-growing technology company in the Bay Area.

This week, the maker of ChatGPT also reportedly reached an agreement to <a href="https://www.wsj.com/real-estate/commercial/openai-is-putting-down-office-roots-in-new-york-86194c6c?mod=hp_lead_pos4">lease its first office in New York</a>.&nbsp;

This week, the maker of ChatGPT also reportedly reached an agreement to <a href="https://www.wsj.com/real-estate/commercial/openai-is-putting-down-office-roots-in-new-york-86194c6c?mod=hp_lead_pos4">lease its first office in New York</a>.&nbsp;

“The data [JLL] has is only going to make our tools that much more powerful,” Bedecarre said.

“The data [JLL] has is only going to make our tools that much more powerful,” Bedecarre said.

How will the founder handle having a boss for the first time in more than a decade? After all, he left a large legacy firm because it wasn’t adapting to the changing times as fast as he would’ve liked.&nbsp;

How will the founder handle having a boss for the first time in more than a decade? After all, he left a large legacy firm because it wasn’t adapting to the changing times as fast as he would’ve liked.&nbsp;

“I’m genuinely excited,” he said. “Our vision was proven right, and now they know it.”&nbsp;

“I’m genuinely excited,” he said. “Our vision was proven right, and now they know it.”&nbsp;

This real estate startup beat everyone to OpenAI. Now, it’s getting gobbled up

Kevin Truong

Speaker Emerita Nancy Pelosi doesn’t technically own stocks — according to a spokesperson — but that hasn&#8217;t stopped people from tracking her husband&#8217;s trades with&nbsp;<a href="https://markets.businessinsider.com/news/etf/etf-named-after-nancy-pelosi-tracking-congressional-democrats-stock-trades-surpasses-s-p-500-with-tech-triumph-1033116562" target="_blank" rel="noreferrer noopener">funds formed specifically</a>&nbsp;to mirror well-timed sales and purchases.

Speaker Emerita Nancy Pelosi doesn’t technically own stocks — according to a spokesperson — but that hasn't stopped people from tracking her husband's trades with&nbsp;<a href="https://markets.businessinsider.com/news/etf/etf-named-after-nancy-pelosi-tracking-congressional-democrats-stock-trades-surpasses-s-p-500-with-tech-triumph-1033116562" target="_blank" rel="noreferrer noopener">funds formed specifically</a>&nbsp;to mirror well-timed sales and purchases.

Speaker Emerita Nancy Pelosi doesn’t technically own stocks — according to a spokesperson — but that hasn&#8217;t stopped people from tracking her husband&#8217;s trades with&nbsp;<a href="https://markets.businessinsider.com/news/etf/etf-named-after-nancy-pelosi-tracking-congressional-democrats-stock-trades-surpasses-s-p-500-with-tech-triumph-1033116562" target="_blank" rel="noreferrer noopener">funds formed specifically</a>&nbsp;to mirror well-timed sales and purchases.

But a <a href="https://content.sfstandard.com/wp-content/uploads/2024/09/nancy-pelosi-2024-filing.pdf">recent financial disclosure</a> has revealed a lesser-known part of the portfolio of Pelosi and her husband, Paul: San Francisco commercial real estate. And judging by their luck, these recent deals may be an indicator that the city’s beleaguered market is poised for a turnaround.&nbsp;

But a <a href="https://content.sfstandard.com/wp-content/uploads/2024/09/nancy-pelosi-2024-filing.pdf">recent financial disclosure</a> has revealed a lesser-known part of the portfolio of Pelosi and her husband, Paul: San Francisco commercial real estate. And judging by their luck, these recent deals may be an indicator that the city’s beleaguered market is poised for a turnaround.&nbsp;

A filing certified Sept. 11 by Pelosi showed that her spouse invested between $250,000 and $500,000 in an entity acquiring and managing a commercial office property at 631 Howard St. in SoMa. The five-story Class B office building was purchased for $36.4 million by a partnership between businessman Greg Flynn and San Francisco real estate firm Ellis Partners.

A filing certified Sept. 11 by Pelosi showed that her spouse invested between $250,000 and $500,000 in an entity acquiring and managing a commercial office property at 631 Howard St. in SoMa. The five-story Class B office building was purchased for $36.4 million by a partnership between businessman Greg Flynn and San Francisco real estate firm Ellis Partners.

Last year, Paul Pelosi appeared to have invested in another of Flynn’s local real estate projects. According <a href="https://content.sfstandard.com/wp-content/uploads/2024/09/nancy-pelosi-2023-annual-report.pdf">to the congresswoman’s last annual financial disclosure</a>, her husband invested between $500,000 and $1 million in an LLC that is “acquiring and restoring a luxury hotel” in San Francisco.&nbsp;

Last year, Paul Pelosi appeared to have invested in another of Flynn’s local real estate projects. According <a href="https://content.sfstandard.com/wp-content/uploads/2024/09/nancy-pelosi-2023-annual-report.pdf">to the congresswoman’s last annual financial disclosure</a>, her husband invested between $500,000 and $1 million in an LLC that is “acquiring and restoring a luxury hotel” in San Francisco.&nbsp;

Pedestrians pass 631 Howard Street in San Francisco on Aug. 22, 2024. The property was among those scooped up by investors now that the price of commercial real estate has “bottomed out.”

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240825-whogets2participateinreset__aar_2.jpg?w=2500" alt="A man in a black jacket crosses a city street at a crosswalk. Behind him is a brick building with &quot;FINIX&quot; signage and the number &quot;631&quot; displayed above the entrance." class="wp-image-304321"/><figcaption class="wp-element-caption">According to disclosures, Paul Pelosi pitched in between $250,000 and $500,000 for Greg Flynn and Ellis Partners&#8217; purchase of 631 Howard St.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240825-whogets2participateinreset__aar_2.jpg?w=2500" alt="A man in a black jacket crosses a city street at a crosswalk. Behind him is a brick building with &quot;FINIX&quot; signage and the number &quot;631&quot; displayed above the entrance." class="wp-image-304321"/><figcaption class="wp-element-caption">According to disclosures, Paul Pelosi pitched in between $250,000 and $500,000 for Greg Flynn and Ellis Partners' purchase of 631 Howard St.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/08/20240825-whogets2participateinreset__aar_2.jpg?w=2500" alt="A man in a black jacket crosses a city street at a crosswalk. Behind him is a brick building with &quot;FINIX&quot; signage and the number &quot;631&quot; displayed above the entrance." class="wp-image-304321"/><figcaption class="wp-element-caption">According to disclosures, Paul Pelosi pitched in between $250,000 and $500,000 for Greg Flynn and Ellis Partners&#8217; purchase of 631 Howard St.</figcaption></figure>

Workers work on remodeling the Huntington Hotel in San Francisco on Friday, Jun. 21, 2024. The hotel, shuttered since 2020, was purchased by billionaire Greg Flynn, who plans to remodel and reopen it. SF's hotel industry is buckling. The biggest brand name properties are up for grabs. Within that fall, a local billionaire is buying in and wants to restore a historic hotel to its former glory.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/07/wtfisgoingonwithhotels-20240613-adahlia-cole-13-lowres.jpg?w=2048" alt="A brick building with symmetrical windows has fire escape stairs on the left side and scaffolding with workers on the right, against a partly cloudy sky." class="wp-image-289542"/><figcaption class="wp-element-caption">A consortium led by Flynn bought the Huntington Hotel on Nob Hill in March 2023. That month, Paul Pelosi invested in an LLC that is “acquiring and restoring a luxury hotel” in San Francisco.</figcaption></figure>

Flynn and Highgate, a hospitality management company, purchased the historic 135-room Huntington Hotel the <a href="https://sfstandard.com/2023/03/20/historic-nob-hill-hotel-acquired-by-local-magnate-following-closure-default-during-covid/">same month</a> Pelosi&#8217;s investment was reported. The parties are in the process of <a href="https://sfstandard.com/2024/07/09/san-francisco-recovery-depends-on-its-hotels/">renovating the shuttered Nob Hill establishment</a>, with plans to reopen it in 2025.&nbsp;

Historic Nob Hill hotel acquired by local magnate following closure, default during Covid

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Flynn and Highgate, a hospitality management company, purchased the historic 135-room Huntington Hotel the <a href="https://sfstandard.com/2023/03/20/historic-nob-hill-hotel-acquired-by-local-magnate-following-closure-default-during-covid/">same month</a> Pelosi's investment was reported. The parties are in the process of <a href="https://sfstandard.com/2024/07/09/san-francisco-recovery-depends-on-its-hotels/">renovating the shuttered Nob Hill establishment</a>, with plans to reopen it in 2025.&nbsp;

Flynn and Highgate, a hospitality management company, purchased the historic 135-room Huntington Hotel the <a href="https://sfstandard.com/2023/03/20/historic-nob-hill-hotel-acquired-by-local-magnate-following-closure-default-during-covid/">same month</a> Pelosi&#8217;s investment was reported. The parties are in the process of <a href="https://sfstandard.com/2024/07/09/san-francisco-recovery-depends-on-its-hotels/">renovating the shuttered Nob Hill establishment</a>, with plans to reopen it in 2025.&nbsp;

A spokesperson for Flynn declined to comment.&nbsp;

A spokesperson for Flynn declined to comment.&nbsp;

“Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions,&#8221; said Ian Krager, a spokesman for Pelosi.

“Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions," said Ian Krager, a spokesman for Pelosi.

“Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions,&#8221; said Ian Krager, a spokesman for Pelosi.

The Pelosis’ stakes in the properties, the latest in a tranche of commercial real estate holdings in San Francisco, represent an investment by a civic leader during a severe market downturn.&nbsp;

The Pelosis’ stakes in the properties, the latest in a tranche of commercial real estate holdings in San Francisco, represent an investment by a civic leader during a severe market downturn.&nbsp;

Wealthy individuals like Pelosi, whose net worth has been <a href="https://www.quiverquant.com/congresstrading/politician/Nancy%20Pelosi-P000197/net-worth">estimated in the nine figures</a>, have been <a href="https://sfstandard.com/2024/08/26/navigating-the-bottom-of-san-franciscos-office-market/">the engine of recent transactions</a> in San Francisco as <a href="https://sfstandard.com/2024/09/15/sf-is-cutting-deals-to-unfreeze-housing-but-developers-have-to-do-their-part-too/">traditional lenders have pulled back</a> from financing commercial real estate deals.&nbsp;

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Wealthy individuals like Pelosi, whose net worth has been <a href="https://www.quiverquant.com/congresstrading/politician/Nancy%20Pelosi-P000197/net-worth">estimated in the nine figures</a>, have been <a href="https://sfstandard.com/2024/08/26/navigating-the-bottom-of-san-franciscos-office-market/">the engine of recent transactions</a> in San Francisco as <a href="https://sfstandard.com/2024/09/15/sf-is-cutting-deals-to-unfreeze-housing-but-developers-have-to-do-their-part-too/">traditional lenders have pulled back</a> from financing commercial real estate deals.&nbsp;

Under her disclosures, the assets are listed as owned by Paul Pelosi. A spokesperson for the congresswoman declined to comment.&nbsp;

Under her disclosures, the assets are listed as owned by Paul Pelosi. A spokesperson for the congresswoman declined to comment.&nbsp;

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“Truth is, the investment markets are still out on San Francisco properties,” said a real estate broker with knowledge of Flynn and Pelosi. “Normally, [Flynn] would have gone in with a capital partner and a bank. But these days, you cobble together what you can. The one percent [with money] can make these sorts of moves right now.”

“Truth is, the investment markets are still out on San Francisco properties,” said a real estate broker with knowledge of Flynn and Pelosi. “Normally, [Flynn] would have gone in with a capital partner and a bank. But these days, you cobble together what you can. The one percent [with money] can make these sorts of moves right now.”

Paul Pelosi — who was <a href="https://sfstandard.com/2023/01/27/paul-pelosi-attack-video-watch-the-newly-released-footage/">brutally assaulted in his Pacific Heights home</a> by an intruder in 2022 — is known in business circles for his real estate investments, an ill-fated attempt to <a href="https://www.washingtonpost.com/wp-dyn/content/article/2009/10/16/AR2009101603542.html?noredirect=on">launch a professional football league</a>, and, more recently, well-timed trades of prominent tech stocks such as <a href="https://sfstandard.com/2024/05/15/nvidia-wins-bidding-for-headquarters-campus/">Nvidia</a> and <a href="https://sfstandard.com/2023/09/28/microsoft-opens-ai-lab-san-francisco/">Microsoft</a>.&nbsp;

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Paul Pelosi — who was <a href="https://sfstandard.com/2023/01/27/paul-pelosi-attack-video-watch-the-newly-released-footage/">brutally assaulted in his Pacific Heights home</a> by an intruder in 2022 — is known in business circles for his real estate investments, an ill-fated attempt to <a href="https://www.washingtonpost.com/wp-dyn/content/article/2009/10/16/AR2009101603542.html?noredirect=on">launch a professional football league</a>, and, more recently, well-timed trades of prominent tech stocks such as <a href="https://sfstandard.com/2024/05/15/nvidia-wins-bidding-for-headquarters-campus/">Nvidia</a> and <a href="https://sfstandard.com/2023/09/28/microsoft-opens-ai-lab-san-francisco/">Microsoft</a>.&nbsp;

According to his wife’s 2023 financial disclosure, Paul Pelosi&#8217;s San Francisco commercial real estate holdings also include a low-slung commercial property at 25 Point Lobos, just south of the Presidio, that houses a Walgreens pharmacy. The property is assessed at $5.8 million, and Pelosi reported that it generates between $100,000 and $1 million annually in rent.

According to his wife’s 2023 financial disclosure, Paul Pelosi's San Francisco commercial real estate holdings also include a low-slung commercial property at 25 Point Lobos, just south of the Presidio, that houses a Walgreens pharmacy. The property is assessed at $5.8 million, and Pelosi reported that it generates between $100,000 and $1 million annually in rent.

According to his wife’s 2023 financial disclosure, Paul Pelosi&#8217;s San Francisco commercial real estate holdings also include a low-slung commercial property at 25 Point Lobos, just south of the Presidio, that houses a Walgreens pharmacy. The property is assessed at $5.8 million, and Pelosi reported that it generates between $100,000 and $1 million annually in rent.

Other San Francisco properties in which the Pelosis hold stakes include:

Other San Francisco properties in which the Pelosis hold stakes include:

<figure class="wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex">
<figure class="wp-block-image size-large"><img data-id="313216" src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-16.jpg?w=1667" alt="An alleyway with brick buildings features a sign for &quot;Row Club.&quot; Three men walk along the path, and a chalkboard sign stands on the right, partly obscured by plants." class="wp-image-313216"/><figcaption class="wp-element-caption">45 Belden Place, a three-story commercial building&nbsp; with an assessed value of $1.78 million. The Pelosis reported $100,000 and $1 million in rental income from the property.</figcaption></figure>



<figure class="wp-block-image size-large"><img data-id="313225" src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-32-edited.jpg?w=1875" alt="The image shows a modern building with large windows, an upper terrace with plants, and a backdrop of mountainous landscape and water under a partly cloudy sky." class="wp-image-313225"/><figcaption class="wp-element-caption">1301 Sansome St., a four-story office building with an assessed value of $7.3 million that reportedly generates between $100,000 and $1 million in partnership income and rent.</figcaption></figure>



<figure class="wp-block-image size-large"><img data-id="313219" src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-21.jpg?w=2500" alt="A multi-story brick building with tall windows, a fire escape, and a street in front. There's a tree on the right and another building nearby on the left." class="wp-image-313219"/><figcaption class="wp-element-caption">945 Battery St., a four-story office building with an assessed value of $12.7 million. The disclosure listed between $1 million and $5 million in partnership income.</figcaption></figure>



<figure class="wp-block-image size-large"><img data-id="313215" src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-09.jpg?w=1667" alt="A modern, gray high-rise building with large windows houses a sushi restaurant and a bubble tea shop on the ground floor, located on a city street." class="wp-image-313215"/><figcaption class="wp-element-caption">222 Kearny St., a 10-story office building with an assessed value of $29.3 million that reportedly generates between $15,000 and $50,000 in partnership income.&nbsp;</figcaption></figure>
</figure>

Pedestrians walk by 45 Belden Pl. on Sept. 18, 2024. Last year, Pelosi invested between $500,000 and $1 million in another one of Flynn’s local real estate projects, according to disclosures. Her effort with partner Highgate to purchase, renovate and reopen the shuttered historic 135-room Huntington Hotel on Nob Hill. Pelosi’s stakes in the properties are the latest in a sizeable tranche of commercial real estate holdings in San Francisco and represent a sizeable investment by a civic leader during a severe market downturn. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-16.jpg?w=1667" alt="An alleyway with brick buildings features a sign for &quot;Row Club.&quot; Three men walk along the path, and a chalkboard sign stands on the right, partly obscured by plants." class="wp-image-313216"/><figcaption class="wp-element-caption">45 Belden Place, a three-story commercial building&nbsp; with an assessed value of $1.78 million. The Pelosis reported $100,000 and $1 million in rental income from the property.</figcaption></figure>

A view of 1301 Sansome St. from the stairs to Coat Tower on Sept. 18, 2024. Last year, Pelosi invested between $500,000 and $1 million in another one of Flynn’s local real estate projects, according to disclosures. Her effort with partner Highgate to purchase, renovate and reopen the shuttered historic 135-room Huntington Hotel on Nob Hill. Pelosi’s stakes in the properties are the latest in a sizeable tranche of commercial real estate holdings in San Francisco and represent a sizeable investment by a civic leader during a severe market downturn. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-32-edited.jpg?w=1875" alt="The image shows a modern building with large windows, an upper terrace with plants, and a backdrop of mountainous landscape and water under a partly cloudy sky." class="wp-image-313225"/><figcaption class="wp-element-caption">1301 Sansome St., a four-story office building with an assessed value of $7.3 million that reportedly generates between $100,000 and $1 million in partnership income and rent.</figcaption></figure>

The exterior of 945 Battery St. on Sept. 18, 2024. Last year, Pelosi invested between $500,000 and $1 million in another one of Flynn’s local real estate projects, according to disclosures. Her effort with partner Highgate to purchase, renovate and reopen the shuttered historic 135-room Huntington Hotel on Nob Hill. Pelosi’s stakes in the properties are the latest in a sizeable tranche of commercial real estate holdings in San Francisco and represent a sizeable investment by a civic leader during a severe market downturn. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-21.jpg?w=2500" alt="A multi-story brick building with tall windows, a fire escape, and a street in front. There's a tree on the right and another building nearby on the left." class="wp-image-313219"/><figcaption class="wp-element-caption">945 Battery St., a four-story office building with an assessed value of $12.7 million. The disclosure listed between $1 million and $5 million in partnership income.</figcaption></figure>

Pedestrians walk by 222 Kearny St. on Sept. 18, 2024. Last year, Pelosi invested between $500,000 and $1 million in another one of Flynn’s local real estate projects, according to disclosures. Her effort with partner Highgate to purchase, renovate and reopen the shuttered historic 135-room Huntington Hotel on Nob Hill. Pelosi’s stakes in the properties are the latest in a sizeable tranche of commercial real estate holdings in San Francisco and represent a sizeable investment by a civic leader during a severe market downturn. 

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-09.jpg?w=1667" alt="A modern, gray high-rise building with large windows houses a sushi restaurant and a bubble tea shop on the ground floor, located on a city street." class="wp-image-313215"/><figcaption class="wp-element-caption">222 Kearny St., a 10-story office building with an assessed value of $29.3 million that reportedly generates between $15,000 and $50,000 in partnership income.&nbsp;</figcaption></figure>

core/gallery

<figure class="wp-block-gallery has-nested-images columns-default is-cropped"><figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-16.jpg?w=1667" alt="An alleyway with brick buildings features a sign for &quot;Row Club.&quot; Three men walk along the path, and a chalkboard sign stands on the right, partly obscured by plants." class="wp-image-313216"/><figcaption class="wp-element-caption">45 Belden Place, a three-story commercial building&nbsp; with an assessed value of $1.78 million. The Pelosis reported $100,000 and $1 million in rental income from the property.</figcaption></figure><figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-32-edited.jpg?w=1875" alt="The image shows a modern building with large windows, an upper terrace with plants, and a backdrop of mountainous landscape and water under a partly cloudy sky." class="wp-image-313225"/><figcaption class="wp-element-caption">1301 Sansome St., a four-story office building with an assessed value of $7.3 million that reportedly generates between $100,000 and $1 million in partnership income and rent.</figcaption></figure><figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-21.jpg?w=2500" alt="A multi-story brick building with tall windows, a fire escape, and a street in front. There's a tree on the right and another building nearby on the left." class="wp-image-313219"/><figcaption class="wp-element-caption">945 Battery St., a four-story office building with an assessed value of $12.7 million. The disclosure listed between $1 million and $5 million in partnership income.</figcaption></figure><figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/09/20240916-nancypelosirealestate-es-09.jpg?w=1667" alt="A modern, gray high-rise building with large windows houses a sushi restaurant and a bubble tea shop on the ground floor, located on a city street." class="wp-image-313215"/><figcaption class="wp-element-caption">222 Kearny St., a 10-story office building with an assessed value of $29.3 million that reportedly generates between $15,000 and $50,000 in partnership income.&nbsp;</figcaption></figure></figure>

core/list-item

core/list

The Pelosis have a range of other holdings outside San Francisco, including a Napa Valley vineyard, the Auberge du Soleil luxury resort in Rutherford, and an undeveloped housing tract in Sacramento.&nbsp;

The Pelosis have a range of other holdings outside San Francisco, including a Napa Valley vineyard, the Auberge du Soleil luxury resort in Rutherford, and an undeveloped housing tract in Sacramento.&nbsp;

While real estate remains a key part of the couple’s portfolio, consortiums looking to enter the market might have other options soon. On Wednesday, the Federal Reserve <a href="https://www.wsj.com/economy/central-banking/fed-cuts-rates-by-half-percentage-point-03566d82">cut interest rates</a> for the first time in more than four years, by half a percentage point, which may generate investment activity.

While real estate remains a key part of the couple’s portfolio, consortiums looking to enter the market might have other options soon. On Wednesday, the Federal Reserve <a href="https://www.wsj.com/economy/central-banking/fed-cuts-rates-by-half-percentage-point-03566d82">cut interest rates</a> for the first time in more than four years, by half a percentage point, which may generate investment activity.

Most investors are terrified of SF commercial real estate — but not Nancy Pelosi

Good things come to those who wait.

That&#8217;s the mantra of those currently investing in San Francisco’s struggling commercial real estate market. 

That's the mantra of those currently investing in San Francisco’s struggling commercial real estate market.

That&#8217;s the mantra of those currently investing in San Francisco’s struggling commercial real estate market.

Glenn Gilmore, the founder of the San Francisco-based developer Brick &amp; Timber Collective, largely took a break from work in the city during the pandemic. Instead, mirroring a trend of remote workers, his company took a sojourn out east where it purchased three buildings in Miami’s hip Wynwood neighborhood.&nbsp;

Glenn Gilmore, the founder of the San Francisco-based developer Brick &amp; Timber Collective, largely took a break from work in the city during the pandemic. Instead, mirroring a trend of remote workers, his company took a sojourn out east where it purchased three buildings in Miami’s hip Wynwood neighborhood.&nbsp;

But now he’s back and in a big way.

Brick &amp; Timber has raised a fund specifically to invest locally, with plans to eventually spend some $500 million to purchase office buildings in San Francisco.&nbsp;&nbsp;

Brick &amp; Timber has raised a fund specifically to invest locally, with plans to eventually spend some $500 million to purchase office buildings in San Francisco.&nbsp;&nbsp;

“I actually think I’m late,” Gilmore said. “I finally got the traction for this fund, but I’m like ‘it should have been a year ago.’ I’ve been saying it for two years like a crazy person, but I think that this is the best real estate buy in America in any class, in any category.”

“I actually think I’m late,” Gilmore said. “I finally got the traction for this fund, but I’m like ‘it should have been a year ago.’ I’ve been saying it for two years like a crazy person, but I think that this is the best real estate buy in America in any class, in any category.”

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Brick &amp; Timber has traditionally focused on rehabbing historic midsized office buildings in and around Jackson Square, but it is setting its sights wider this time around.

Brick &amp; Timber has traditionally focused on rehabbing historic midsized office buildings in and around Jackson Square, but it is setting its sights wider this time around.

The bulk of the company’s tenants are private equity firms or family offices that have largely stuck around. Gilmore said after weathering the uncertainty during the early days of the pandemic, the company’s nine properties in San Francisco are nearly fully occupied.&nbsp;

The bulk of the company’s tenants are private equity firms or family offices that have largely stuck around. Gilmore said after weathering the uncertainty during the early days of the pandemic, the company’s nine properties in San Francisco are nearly fully occupied.&nbsp;

Some of the early capital in Brick &amp; Timber’s new fund is coming from investors with higher risk appetites like family offices and tech money, but institutional real estate firms are slated to make up the bulk of its financing. In the current environment, cash is king.&nbsp;

Some of the early capital in Brick &amp; Timber’s new fund is coming from investors with higher risk appetites like family offices and tech money, but institutional real estate firms are slated to make up the bulk of its financing. In the current environment, cash is king.&nbsp;

A co-working space at 353 Kearny Street in San Francisco on Friday, October 13, 2023.

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/10/INLINED01_CREWinnersfromDoom100223-0001.jpg?w=2500" alt="" class="wp-image-211151"/><figcaption class="wp-element-caption">A co-working space at 353 Kearny St. in San Francisco on Friday.</figcaption></figure>

The real estate market has been <a href="https://sfstandard.com/search/?query=commercial%20real%20estate">hit with a one-two punch</a> of lower demand and rents due to remote work, alongside higher borrowing costs from rising interest rates. There are also daunting local metrics like record-high vacancy rates that recently hit 34% per CBRE and a growing number of building owners <a href="https://sfstandard.com/2023/01/13/san-franciscos-biggest-landlord-defaulted-on-a-massive-loan/">defaulting on their debt </a>or <a href="https://sfstandard.com/2023/08/16/brand-new-san-francisco-condo-complex-handed-back-to-lender/">giving up their keys to their lenders</a>.

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The real estate market has been <a href="https://sfstandard.com/search/?query=commercial%20real%20estate">hit with a one-two punch</a> of lower demand and rents due to remote work, alongside higher borrowing costs from rising interest rates. There are also daunting local metrics like record-high vacancy rates that recently hit 34% per CBRE and a growing number of building owners <a href="https://sfstandard.com/2023/01/13/san-franciscos-biggest-landlord-defaulted-on-a-massive-loan/">defaulting on their debt </a>or <a href="https://sfstandard.com/2023/08/16/brand-new-san-francisco-condo-complex-handed-back-to-lender/">giving up their keys to their lenders</a>.

Instead of taking those factors as reasons to stay away, Gilmore said he’s zagging against the negative media narrative. A student of history, Gilmore said San Francisco’s story has rapidly vacillated from boom to bust and back to boom again. This down cycle, in his mind, is no different, though it may take longer to dig out of. Moving fast and having patience then is key.&nbsp;

Instead of taking those factors as reasons to stay away, Gilmore said he’s zagging against the negative media narrative. A student of history, Gilmore said San Francisco’s story has rapidly vacillated from boom to bust and back to boom again. This down cycle, in his mind, is no different, though it may take longer to dig out of. Moving fast and having patience then is key.&nbsp;

“There’s a bright line between those who believe and those who don’t,” Gilmore said. “The investors that see through it and haven’t been too burned have an opportunity to look pretty smart here.”

“There’s a bright line between those who believe and those who don’t,” Gilmore said. “The investors that see through it and haven’t been too burned have an opportunity to look pretty smart here.”

But the short-to-medium-term will be ugly for many, particularly property owners in undesirable neighborhoods and those who purchased at the peak of the market and are seeing loan payments come due with little hope of refinancing.&nbsp;

But the short-to-medium-term will be ugly for many, particularly property owners in undesirable neighborhoods and those who purchased at the peak of the market and are seeing loan payments come due with little hope of refinancing.&nbsp;

Gilmore added he believes there’s an opening for construction companies that are able to drive their bids down to win jobs in a city where work opportunities are currently in short supply. His firm has brought more construction work in-house because San Francisco building costs are among the highest globally.&nbsp;

Gilmore added he believes there’s an opening for construction companies that are able to drive their bids down to win jobs in a city where work opportunities are currently in short supply. His firm has brought more construction work in-house because San Francisco building costs are among the highest globally.&nbsp;

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