Clint Reilly has quietly cashed out of his Financial District office-and-retail building at 360 Pine Street for $9.2 million, a per-square-foot price that pops in a downtown market still trying to shake off pandemic-era weakness. The deal is the latest in a run of sell-offs by the longtime investor and local publisher, and it closed even though most of the building’s offices were occupied. The ground-floor restaurant space is expected to come back to life under a new operator.
Public records show the roughly 20,000-square-foot property changed hands on Friday for about $9.2 million, or just over $500 per square foot, as reported by the San Francisco Chronicle.
The buyer is an entity tied to Matt Fisher, president of Hayward-based Fordere Cornice Works, which already owns industrial space in the city. The Real Deal notes the building measures roughly 18,300 square feet and that most offices were leased at the time of sale. The outlet also reports that Italian restaurant Credo, a long-running ground-floor tenant, closed earlier this year after a 15-year run.
A Market Split As Owner-Users Keep Paying Up
The sale highlights a growing divide in downtown pricing. Smaller, well-located buildings and owner-users are still managing to pull in premium numbers, while many larger towers are changing hands at steep discounts. Roughly one-third of San Francisco’s office inventory is sitting empty, and many big high-rises have been trading in the $300 to $350 per square foot range, according to local reporting. That spread helps explain why an owner-operator or local industrial firm might be willing to pay well above recent averages to lock in long-term space in a prime pocket of the Financial District.
How This Fits Into Reilly’s Recent Moves
The 360 Pine sale marks Reilly’s third property disposition in roughly two years and follows several other notable moves, including the 2024 Little Fox Theater sale and a Sea Cliff mansion sale. He also sold a $62.3 million loan tied to his 235 Pine Street tower last year, although he has repeatedly insisted he is not letting go of that larger asset. “I have no intention of selling this building, or letting anyone else own it,” Reilly told the San Francisco Business Times during last year’s debt sale saga.
Buyers like the one tied to Fordere Cornice can bring steady, owner-occupied demand and fresh ground-floor activity, which local brokers say helps stitch the streetwall back together. For a downtown still hunting for signs of a broad comeback, a top-dollar sale at 360 Pine is a small but very visible vote of confidence in the Financial District’s long-term prospects and a reminder that not every piece of downtown real estate is trading in the bargain bin.
