Blackstone And Paramount Group Secure $975M Loan Extension For One Market Plaza In San Francisco

The One Market Plaza, located at 1 Market Street in San Francisco, has secured an extension for a $975 million loan. The property is a 1.6 million-square-foot office building, and it is currently 96% occupied with tenants such as Google and Visa. The loan extension was necessary to avert default, and the borrowers, Paramount Group and Blackstone, prepaid part of the loan and invested additional capital into the trophy asset.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $975,000,000
• Address: 1 Market Street
• Market: San Francisco
• Asset Type: Office
• Square Feet: 1,600,000
• Landlords: Stephen Schwarzman - Blackstone; Albert Behler - Paramount Group

Paramount Group and Blackstone are the key individuals and companies involved in this loan extension deal. Their efforts to prepay part of the loan and invest additional capital have ensured the continued success of the One Market Plaza property. This extension allows them to avoid default and maintain the high occupancy rate, which includes major tenants like Google and Visa.