346 First Street, the 1996 Sorg Printing lofts: two tri-level lofts closed this year at $844 a foot, one of them without a day on the market, two blocks from Anthropic's Foundry Square floors

346 First Street's record on this site is five sales in five years, and this year's two are the largest. Two condominiums closed between January 1 and October 15, 2026, against two in the same window of 2025; $2,550,000 of volume against $1,825,000. The median sale is $1,275,000 and the median price per square foot is $844, against $822 last year, when two lofts went in a median of six days, and $1,110 on the one 2021 sale.

#308, a 1,356-square-foot tri-level two-bedroom with deeded parking and deeded roof rights, closed at $1,200,000 on March 5 with no days on market recorded, $885 a foot; its dues are listed at $1,333 a month (Redfin, #308). #305, a 1,684-square-foot two-bedroom, closed at $1,350,000 on July 1 after 71 days, $802 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. #303, a 1,629-square-foot two-bedroom, was offered for rent at $7,950 in May and withdrawn in June (Zillow).

The building is the 1996 live-work conversion of the Sorg Printing building, marketed then as 29 lofts with views, parking, an elevator and a common deck at $215,000 to $435,000; the building record on this site lists 17 units (Redfin, #307; Redfin, #306).

2026 so far, against the same window in 2025

Closings at 346 1st St 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 346 1st St since December 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 $844 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.

First Street, between Folsom and Harrison

Jasper, Crescent Heights' 40-story, 319-unit 2016 tower, holds First and Lansing a few doors south, and OMA's Avery stands a block east at Folsom and Fremont; the Transbay terminal is 0.2 miles north (Multi-Housing News; Wikipedia; Walk Score). Two blocks north at First and Howard, Anthropic occupies 500 and 505 Howard and on February 2, 2026 leased all 466,000 square feet of 300 Howard plus 342 Howard (Connect CRE; BusinessWire). The East Cut Park, 2.4 acres under the Fremont offramp between First and Second from Folsom to Clementina with a 0.75-acre dog park, is budgeted at more than $42 million with a third-quarter 2026 construction start, per the Examiner (SF Examiner).

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