The asset involved in this transaction is an office space measuring 32,000 square feet located at 1 Market Street in the San Francisco market. This lease deal comes as a part of efforts to address the significant 35.8% citywide office vacancy rate. The office space becomes part of Google’s previously occupied 342,000-square-foot area following the expiration of their lease.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not specified
• Square Footage: 32,000 SF
• Address: 1 Market Street
• Market: San Francisco
• Landlord: Albert Behler - Paramount Group
• Landlord: Stephen A. Schwarzman - Blackstone
• Tenant: Alden Millard & Peter Brindley - Simpson Thacher

The deal marks Simpson Thacher as the first tenant to occupy part of the vacant office space after Google’s departure. This transaction represents a significant development for landlords Paramount Group and Blackstone as they navigate challenges posed by a projected drop in occupancy at the complex to 72%.