Discussing all things CRE—focused on office leasing and infrastructure for builders. Advising teams from startups to Fortune 10 (OpenAI, KKR, Twitter, Ambience Healthcare). Sharing POV, market data, and what’s actually happening. creinthree.substack.com/?r=2…

So good today with @SenWarren thank you for pushing back @SaraEisen!!

San Francisco Market Trends: • 4.1 MSF leased in Q1 2026—the second-highest quarterly volume in the past 30 years (behind Q2 2014). • Office tenant demand totals 9.6 MSF across 400 active & pending requirements, 52% are AI/tech Co’s. email.nmrk.com/rv/ff02743572…

In 19 days, a jury in Oakland is going to decide whether the entire legal foundation of the AI industry is built on fraud. Everyone thinks the Musk vs Altman lawsuit is a billionaire grudge match. Two egos, one grudge, a $150 billion damages number designed for headlines. Easy to dismiss. Easy to scroll past. That's exactly what Altman wants you to think. Because what's actually on trial on April 27 is something much BIGGER than Elon's hurt feelings... A jury is going to decide whether you can legally take billions of dollars in nonprofit donations, use them to build the most valuable technology in human history, and then quietly convert that nonprofit into a for-profit company worth $850 billion. If the answer is no, the entire AI industry has a problem. Because OpenAI is not the only company that did this: Anthropic was founded by OpenAI defectors using the same nonprofit-first mission language. xAI pitches itself as building AI "for humanity." Every frontier lab has used the moral cover of "we're doing this for the good of the world" to attract talent, capital, and regulatory goodwill they would have never gotten otherwise. An Elon win doesn't just touch OpenAI. It creates a legal precedent that every AI company built on a nonprofit or public benefit promise becomes vulnerable to shareholder and donor clawback suits. That's why this case matters. And that's why Altman is panicking. Just look at what he did this week: Elon filed a motion demanding the court remove Altman and Brockman from their roles and FORCE OpenAI to return to its nonprofit origins. Then he amended the suit to say if he wins the $150 billion, all of it goes to OpenAI's charity arm. Not him. Zero dollars to Elon personally. That amendment was surgical. It stripped Altman of his entire public defense. He can no longer claim this is about Elon's ego or Elon's bank account. Elon is now legally on record saying he just wants the mission back. OpenAI's response was to panic-write a letter to the California and Delaware attorneys general asking them to investigate Elon for "anti-competitive behavior." Their strategy chief publicly accused Elon of coordinating attacks with Mark Zuckerberg. They called the lawsuit "harassment driven by ego and jealousy." That's NOT the response of a company that thinks it's going to win. Real companies with real defenses don't ask the government to silence the person suing them 3 weeks before trial. They let the evidence speak. OpenAI is scrambling because they know what's in discovery. Elon's team has been building this case for two years. Emails, board minutes, internal conversations about the conversion. The kind of paper trail that juries understand and executives can't explain away. And the timing couldn't be worse... OpenAI is trying to IPO at $852 billion. They just raised $122 billion. Microsoft has $135 billion of exposure to them. A jury verdict that even partially sides with Elon in late April or May would crater the entire IPO runway and send shockwaves through every major AI investor on Earth. This is why Altman spent the last 2 weeks doing press tours and policy blueprints and "super intelligence agendas" aimed at Washington. He's trying to REFRAME himself as the responsible statesman of AI right before a jury decides if he's a con artist. Most people will watch this trial start and think it's celebrity drama. The smart money is watching it and realizing that the legal foundation of the AI boom is about to be tested in court for the first time EVER. And if that foundation cracks, everything built on top of it is at risk.

How is this possible?

A must watch on why the policies and the judges that release violent criminals from jail must be changed.

There is nothing patriotic about dismantling American tech industry with a mass post-tax asset seizure and an unrealized gains tax that will destroy startups and set American innovation back by decades

Anonymous I was flying Southwest from Dallas to New York. Three rows ahead of me, there was a young soldier in uniform. He looked barely 18. He was staring straight ahead, gripping the armrests. He looked nervous. When the drink cart came around, the flight attendant asked him what he wanted. 'Coke, please,' he said. 'Heading home?' she asked kindly. 'No, ma'am,' he said. 'Deploying. First time.' The whole row went quiet. The flight attendant didn't say a word. she handed him his Coke. Then, she got on the PA system. 'Ladies and gentlemen, we have a very special guest in Row 8 today. Private Miller is on his first deployment to serve our country. Since I can't buy him a drink, I’m going to ask a favor. If you want to write him a note of encouragement, pass it forward.' I grabbed a napkin. I wrote: 'You got this. Stay safe. - A dad from Row 12.' I watched as napkins traveled up the aisle. Napkins, receipts, pages torn from books. By the time we landed, the soldier had a pile of paper on his tray table three inches high. He stood up to get his bag, and he was wiping his eyes. He carefully packed every single scrap of paper into his rucksack. 'Thank you,' he told the flight attendant. 'No,' she said. 'Thank you.' We all walked off that plane a little quieter, reminded that freedom is just a word until you meet the kid who is defending it.

True Fact!!

I just wrote my first note on Substack substack.com/profile/1950969…

Asset Seizure in California?! Two months ago, the Besties covered the CA "Billionaire Tax" What it really is, according to Friedberg: "the seizure of private property from citizens by the government" "Once you open that Pandora’s Box, we might as well study Lord of the Flies … there is literally nothing stopping 51% of citizens demanding that their government go out and seize 100% of the private property of the 49%." Here's the full segment from October:

Kinda funny that the two stories dominating my X feed are: 1. Needing to take 5% of net worth from billionaires to prop up government spending 2. Fraudsters brazenly taking billions of dollars of taxpayer money with little being done to stop it

why not just raise income tax rates? because your real intent is not to just “provide healthcare”. you’re masking that you are proposing the creation of, for the first time in the 250 years of this American republic, an organized government seizure of private property from citizens. you’re calling it a “wealth tax” or a “billionaires tax” or “millionaires tax” or whatever nom du jour polls well. but at the end of the day, it’s the seizure of private property from citizens by the government. citizens that earned money, paid their fair taxes on those earnings (53% if they live in California) and are now being told they need to hand over after-tax assets because the government has failed to provide promised services with the revenue it’s collected, and are now re-casting their own failure to be a socio-economic inequity that must be justly resolved... a slippery slope that has never gone anywhere good (see economic effects in USSR, Cuba, Venezuela, France and Norway wealth tax etc.) the American founders fled tyranny in Europe and this amazing nation was populated by immigrants (myself and your parents) from around the world not just looking for a “better life” but for a place where they could have freedom from tyrannical governments that can take what they want from private citizens. a great nation borne of property rights, the rule of law, and endowed freedoms to believe, speak, or act. these principles led to the greatest run of innovations, successes, and widespread increase in prosperity, for all citizens, ever seen. the citizens, the individuals, not the institutions, delivered this progress. those who invented, who toiled, who bled, who sacrificed, who took risk and persevered, who led, and who changed the world, are not charlatans, kleptocrats, or oligarchs. they’re what made us all better off. prosperity is a measure of america’s success, not its failure. it is your principle that is so offensive, as evidenced by the broad disdain for your flippant flirtation with the darkest of human fantasy - socialism. you and other neo-socialists have led so many of us to reflect on America’s history and what it is becoming. that now leads so many to consider, so unnecessarily, leaving their homes for a place where everyone stands up to shout down the principle you suggest. because if your ideas are now considered moderate, it’s clear this titanic is sinking. that a “simple tax” of taking assets that have been earned, through toil and tribulation, rightly taxed, and preserved, should now be unjustly seized, is your solution to a problem of obvious government mismanagement and outright fraud, tells us that your true motivation lies not in giving people healthcare but in cutting down success and deleting the system of prosperity and opportunity for all. i don’t care, and neither should anyone else, what the sum total market value of a private citizens private assets might be. it is none of my business and should be none of yours. because, again, once you open that pandora’s box, we might as well study Lord of the Flies … there is literally nothing stopping 51% of citizens demanding that their government go out and seize 100% of the private property of the 49%. want to give healthcare to people in need? do your job and fix healthcare. make it affordable. want to be lazy about it? then do your job lazily and raise income taxes. want to take private property from private citizens who have paid their fair share of taxes and legally earned their property, then honestly declare that it is envy, not inequity, that you strive to resolve…

.@amazon why is it so hard to set up kids kindle? And worse, why is it that you auto populated an 11 year olds kindle with Fifty Shades of Gray!! 😳😱

“No AI bubble” 🙌👏 “more GPU’s = more revenue” @GroqInc @sundeep @JonathanRoss321 @Official_Cantor

.@khanacademy anyone I can talk to? My daughter did tons of work and got an error message on submission. Help!

WTAF

Agreed!