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650 California Street

Dan Springer Of Ironclad Finalizes Lease For 54000 Square Feet At 650 California Street
LEASEDOffice

Dan Springer Of Ironclad Finalizes Lease For 54000 Square Feet At 650 California Street

650 California Street

Building Size

54,000 SF

Asset Type

Office

Closing

Oct 24, 2025

AI

The asset involved is an office space located at 650 California Street in San Francisco, comprising 54,000 square feet. This property is part of the San Francisco office market.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 650 California Street
  • Market: San Francisco
  • Landlord: Adam Frazier - Columbia Property Trust
  • Tenant: Dan Springer - Ironclad

This direct lease is a move by Ironclad Inc., taking over the space as Affirm prepares to vacate. The transaction highlights ongoing tenant repositioning within the market.

Players

Adam Frazier

Columbia Property Trust

Landlord

$234M

vol

6 deals

Landlord
Columbia Property Trust
Columbia Property TrustLandlord

Dan Springer

Ironclad

Tenant

1 deal

Tenant
Ironclad
IroncladTenant

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