Presidio Bay and Bridges Capital have assumed ownership of the historic former Federal Reserve Bank of San Francisco at 301 Battery St. through a deed-in-lieu transaction, following their July 1 acquisition of the loan secured by the property. The nearly century-old building, originally completed in 1924, totals 210,000 square feet and has long been considered a prominent architectural landmark in the city.
With title now transferred, Presidio Bay is repositioning the asset under a new identity as The Reserve. The rebranding is intended to highlight both the building’s historic character and its updated role in the city’s contemporary events and hospitality landscape. The property remains a recognizable presence in San Francisco’s urban core and is being prepared to host a broader mix of uses anchored by its significant interior spaces.
K. Cyrus Sanandaji, founder and managing principal of Presidio Bay, described 301 Battery as an irreplaceable part of San Francisco’s history and emphasized the opportunity to give the landmark a renewed sense of purpose. He said the vision for The Reserve is to create a “living landmark” that respects the significance and character of the original Federal Reserve structure while offering new reasons for people to visit and engage with the building.
A key feature of the repositioning is the historic Banking Hall, which will serve as the centerpiece of a new events and hospitality operation at The Reserve. This business will be operated as a joint venture between The Main Post, a sister company of Presidio Bay, and San Francisco-based PLEASE Management. PLEASE Management has been tapped to lead the building’s historic event space, leveraging the Banking Hall’s scale and architectural features for a variety of programmed uses.
The Reserve is now open to inquiries for event bookings, signaling that the ownership group is actively bringing the property back into use as an events and hospitality destination. At the same time, the ownership team is also pursuing office leasing within the building, positioning the asset as a mixed-use environment that blends workplace and event-driven activity.
Office leasing at The Reserve is being led by a CBRE team of Conor Famulener, Trent Holsman and Sam Stein. Their assignment is to attract office tenants that align with the property’s repositioned identity and can benefit from the building’s combination of historic architecture, central location and new hospitality-oriented offerings. The coordinated leasing and events strategy underscores the ownership group’s effort to recalibrate the former Federal Reserve building for contemporary commercial demand while maintaining its historic stature.
