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$93 million delinquent loan tied to the 22-story office tower at 101 Mission Street in San Francisco's Financial District is being sold for $80 million. This could allow investors to take control of the building, which spans 213,700 square feet, for half its original sale price six years ago. Vanbarton Group bought the property in 2018 for $163 million, or $763 per square foot.

    The Class A building is now being marketed by CBRE at a price that would allow a buyer to take control of it for $374 per square foot. The LEED Gold tower, built in 1984, has multiple roof decks and is 78% leased. Vanbarton has invested over $29 million in common areas and tenant suites since its purchase.

    The sale comes as commercial real estate mortgages are coming due across San Francisco, where office vacancy has hit a record 37.3%. The city's office market has been impacted by the shift to remote work, leading to loan delinquencies and building foreclosures. However, location remains key in determining desirability.

    Vanbarton Group, founded in 1992, has invested $9.2 billion in commercial real estate across 33 states. The company's default on the loan is attributed to its recent struggles with the property.