1 Federal, the loft wing of 200 Brannan: two one-bedroom lofts closed this year at $1,078 a foot, the building's first sales since 2023, while two below-market studios go through the city lottery

1 Federal went two years without a sale and then sold two one-bedroom lofts at the highest per-foot figure in its record. Two condominiums closed between January 1 and October 15, 2026, on $1,620,000 of volume; nothing closed in 2024 or 2025, one unit closed in 2023 at $649,000, and three closed in 2021 at a median of $780,000. The median sale is $810,000 and the median price per square foot is $1,078, against $986 in 2023 and $1,021 in 2021.

#23, a 705-square-foot one-bedroom, closed at $770,000 on April 13 after 32 days, $1,092 a foot. #44, a 798-square-foot one-bedroom, closed at $850,000 on August 23 after six days, $1,065 a foot. One of two 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. Two more units are moving through the Mayor's Office of Housing: #47, a 795-square-foot top-floor studio, is offered below market at $222,167 with applications due October 21, 2026, and #20, an 896-square-foot studio, at $327,659; their dues run $946 and $969 a month (RubyHome, #47; RubyHome, #20). In the market-rate wing, 200 Brannan #315, a two-level loft with deeded parking, closed at $729,000 after 154 days with dues of $953 (MLSListings).

1 Federal is the conversion-loft wing of 200 Brannan, a 192-unit courtyard complex approved in 2003 that mixed new construction with reused warehouse structures; the lofts have exposed concrete beams, sleeping lofts up spiral stairs and gas fireplaces, and share a 24-hour doorman, gym and concierge with the main building (Board of Supervisors, 2003; 7x7; Northeastern housing listing). The building record on this site lists 25 units at this address.

2026 so far, against the same window in 2025

Closings at One Federal 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 One Federal since February 2021, 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 $1,078 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.

Federal Street, off Brannan

Federal is a one-block street between Brannan and Bryant, with the nine-unit Shoreline at 41 Federal as its other condominium building (SocketSite). A block east on the waterfront, the Port executed new agreements with Strada affiliates on Piers 30-32 on October 24, 2025 and paused negotiations for 18 months over a $125 million infrastructure gap; Seawall Lot 330 across the Embarcadero is still planned for more than 600 homes (Port of San Francisco).

The nearest AI office is Sierra's 258,000 square feet at 185 Berry in China Basin, four blocks southwest; the office figures in the paragraphs below describe SoMa more broadly (Bisnow).

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
[email protected] · (415) 691-9272