Davis Polk & Wardwell LLP Leases 44000 Sq Ft Office At One Market Plaza In San Francisco
1 Market Street
Building Size
44,000 SF
Asset Type
Office
Closing
Feb 28, 2026
AI
The asset involved in this lease transaction is an office property located at 1 Market Street in San Francisco. The space leased by Davis Polk & Wardwell LLP encompasses 44,000 square feet across two floors within One Market Plaza’s Spear Tower, part of a larger 1.6-million-square-foot building.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Specified
- Address: 1 Market Street, San Francisco
- Landlord: Michael Nierenberg - Rithm Capital; Stephen A. Schwarzman - Blackstone
- Tenant: Neil Barr - Davis Polk & Wardwell LLP
- Notable Tenants: Simpson Thacher; Colliers
- Office Vacancy Rate: 24% in Q4
- Loan Reduction: $975M to $850M with a three-year extension
The individuals involved in this transaction include Michael Nierenberg and Stephen A. Schwarzman representing the landlords, Rithm Capital and Blackstone respectively. Neil Barr is the representative for the tenant, Davis Polk & Wardwell LLP, which has made this transition from Menlo Park to San Francisco, enhancing its presence in a competitive market.
Players
San Francisco Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93