Van Ness Medical Pavilion
San Francisco, CA (March 20, 2025) – Bayspring Real Estate Partners (“Bayspring”) has been selected by Värde Partners (“Värde”) as its asset manager and operating partner for two properties — 1700 California Street in San Francisco and Bay Vista Office Tower, located at 2821 2nd Avenue, in Seattle. Bayspring will bring its expertise in strategic repositioning, leasing, and operational oversight to optimize Värde’s strategic capital investment in these assets.
1700 California – San Francisco, CA
1700 California Street is a mixed-use property consisting of 49 multifamily units and 103,000 square feet of Class A medical office, known as the Van Ness Medical Pavilion, situated in San Francisco’s Van Ness corridor.
Bayspring will oversee an upgrade of the common areas and amenities throughout the property. On the medical office offering, and in partnership with Bayside Realty Partners on leasing and property management, ownership seeks to deploy and pair its capital improvements with a targeted marketing program tailored to curate a tenant base of best-in- class medical office tenants. On the residential component, they have collaborated with Greystar to develop a comprehensive capital improvement plan to introduce a health and wellness-focused living experience that will set a new benchmark for multifamily properties in San Francisco’s Pacific Heights submarket.
Bay Vista Office Tower – Seattle, WA
Bay Vista Office Tower is the commercial and medical office component of a 22-story mixed-use tower in Seattle’s vibrant Belltown neighborhood. Offering over 120,000 square feet of premium space with sweeping views of Elliott Bay and the Olympic Mountains, the property is well-positioned to attract top-tier office, medical and complementary retail tenants seeking a dynamic and well-connected environment.
Bayspring is spearheading a comprehensive capital improvement program designed to enhance common areas, deliver move-in-ready spec suites, and implement a marketleading tenant improvement allowance program—ensuring flexibility and value for incoming tenants. Leasing efforts will be led by Brandon Burmeister, Leah Masson, and Ellen Akopyan of Cushman & Wakefield for the medical office and office side, and Tom Graff of Ewing & Clark for retail leasing.
Quote from Bayspring
“We are excited to partner with Värde on these two assets and apply our hands-on approach to asset management and operations. It’s refreshing to be partnering with an owner that is investing heavily in their office buildings to create a compelling offering for tenants. Both Bay Vista and the Van Ness Medical Pavilion present opportunities to unlock value through strategic leasing, operational improvements, and market repositioning.”
— Bryce Holman, Partner, Bayspring Real Estate Partners
About Bayspring
Bayspring Real Estate Partners is a privately held real estate investment and asset management firm specializing in value-add and development strategies across commercial and residential properties. With expertise in entitlements, leasing, and strategic repositioning, Bayspring works closely with institutional investors, lenders, and property owners to unlock value in complex real estate situations. The firm focuses on West Coast markets, leveraging deep local knowledge and operational experience to drive performance and deliver results.
About Värde Partners
Värde Partners is a leading global investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $100 billion across the credit quality and liquidity spectrum and currently manages $17 billion in assets. With local investment teams and partnerships in North America, Europe and Asia Pacific, Värde invests across private and public markets with a focus on real estate, asset-based finance and corporate credit. For more information, please visit www.varde.com.
Bayspring Contact:
Bryce Holman
bryce@bayspringre.com
(831) 277-7757
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
