Hills Plaza, 75 Folsom: two closings this year at $790 a foot, 36 percent under last year's pair, in the condominium floors above the offices Google renewed for 405,000 square feet

Hills Plaza's condominiums sold at $790 a foot this year, against $1,227 on last year's pair and $1,294 in 2022. Two closed at 75 Folsom Street between January 1 and October 15, 2026, against two in the same window of 2025; $1,830,000 of volume against $3,025,000. The median sale is $915,000, against $1,512,500 last year; the full-year 2025 figure had already dropped to $780 a foot on a third, late sale, and the building's high is the $3,100,000 sale of 2023.

#1100, a 1,019-square-foot one-bedroom, closed at $780,000 on June 18 after 46 days, $765 a foot. #1001, a 1,287-square-foot two-bedroom, closed at $1,050,000 on August 7 after 73 days, $816 a foot; its dues run $2,100 a month (Neighborhoods.com). The median listed sale took 60 days to contract, and neither went inside two weeks. No unit that closed in 2026 has a prior recorded sale on this site, so there is no paired-resale table. #1200, a 993-square-foot one-bedroom, is listed at $949,000 with dues prepaid through 2027; the building has a 24-hour concierge, a rooftop terrace and deeded parking (Century 21 listing).

The tower dates from 1990, 17 stories on the southeast side of Folsom between the Embarcadero and Spear, with ten residential floors added above seven office floors as a housing condition of the Hills Plaza redevelopment; the 67-unit planned development took about four years to sell out, and about a quarter of the units lost their views when the Gap headquarters went up next door a decade later (SF Planning; Hoodline). The building record on this site lists 33 units.

2026 so far, against the same window in 2025

Closings at 75 Folsom between January 1 and October 15, 2026, set against January 1 to October 15, 2025. Days on market is median days from listing to contract on MLS-listed sales; "under 15 days" counts how many of those went into contract inside two weeks.

Year by year

Every recorded closing at 75 Folsom since June 2020, by calendar year. 2026 runs through October 15, 2026. Days on market is available for MLS-listed sales from 2020 onward.

No year in the building's record holds five or more closings. 2026 year to date stands at $790 a square foot.

By bedroom count, 2025 against 2026

Every closing in 2026

All 2 closings through October 15, 2026, highest price first. Square footage and days on market are as recorded on the MLS; county-recorded transfers that never listed show no days.

Folsom and the Embarcadero

The complex is the former Hills Bros. Coffee plant; the five-story 1924 Hills Brothers Building by George Kelham, Romanesque revival in brick, is city landmark 157 (SF Planning; Wikipedia). The offices are Google's: the company renewed 405,000 square feet at 345 Spear, Hills Plaza, with its 320,000 square feet at One Market Plaza allowed to expire (Connect CRE; SF Chronicle). The Muni Metro stop at the Embarcadero and Folsom sits in the median outside, and the SFMTA's Embarcadero Connectivity Plan, Aquatic Park to Mission Creek, is working through alternatives until fall 2026 for adoption in 2027 (Wikipedia; SFMTA).

Two blocks south, the Port executed new agreements with Strada on Piers 30-32 on October 24, 2025 and paused negotiations for 18 months over a $125 million infrastructure gap, with Seawall Lot 330 still planned for more than 600 homes (Port of San Francisco). Anthropic's full-building lease at 300 Howard, three blocks northwest, is the nearest AI office (BusinessWire).

The timetable that every South of Market building now sits inside is the public-offering calendar. Anthropic filed a confidential draft registration with the SEC on June 1, 2026, a week after a funding round that set its valuation at $965 billion (TechCrunch). As of this week the Standard reports the Anthropic listing has been pushed to November, after the midterms, that OpenAI's has moved to 2027, and that Anthropic is weighing a lockup longer than the usual six months (SF Standard). The same piece carries a Redfin estimate that current and former OpenAI and Anthropic employees could in theory buy close to a third of the metro area's homes with their proceeds, and the counter-argument from UC Berkeley's Enrico Moretti and the Bay Area Council's Jeff Bellisario that the money is concentrated in fewer hands than past booms and that these firms create fewer jobs per dollar because so much goes to data centers rather than headcount. The record in this report ends on October 15. None of it reflects a single share that has been sold.

Two citywide facts frame every building figure here. First, the office recovery is lopsided: CBRE put Q3 2026 vacancy at 27.7 percent citywide, down 6.6 points in a year, but Avison Young splits that into roughly 12 percent for Class A and north of 31 percent for Class B, and a Presidio Bay executive told Bisnow the headline number is misleading for that reason (Bisnow). Second, the condo market is still digging out: the Chronicle's May analysis found that only eight Bay Area ZIP codes showed inflation-adjusted condo gains over the year, all of them in San Francisco, and that Noe Valley's typical condo remained close to $400,000 below its 2019 level in real terms (SF Chronicle).

How this was counted

Two records feed this review. The MLS layer is one row per listing and carries days on market and square footage. The county layer reaches back further and catches transfers that never listed, but records the same closing once per data source, so the two were merged on unit, date and price and each closing kept once. Below-market-rate units and transfers under $300,000 are listed but excluded from every median. "Same window" means January 1 to October 15 of each year. Nothing here is a valuation of any unit, and nothing here is advice.

Tim McMullen · CA DRE #02016832
tim@mcmullen.properties · (415) 691-9272