SAN FRANCISCO — Paramount Group Inc. has received a $975 million loan for the refinancing of One Market Plaza, a property featuring two landmark office towers in San Francisco’s South Financial District.
The property consists of 1.6 million square feet of Class A office and retail space. The buildings, originally constructed in 1976, underwent a $25 million lobby and atrium renovation that was completed in 2015.
The 43-story Spear Tower and 27-story Steuart Tower are bridged by a six-story office and retail annex. Amenities include two restaurants, subterranean valet parking, on-site banking and dry-cleaning, and 24-hour security.
The seven-year loan has a fixed interest rate of 4 percent. The net proceeds from the refinancing were used to repay the existing $873 million loan scheduled to mature in December 2019.
Goldman Sachs Mortgage Co., Morgan Stanley Bank, Deutsche Bank AG and Barclays Bank PLC provided the loan. Eastdil Secured LLC arranged the financing.
New York City-based Paramount Group is a real estate investment trust that owns, operates, manages, acquires and redevelops Class A office properties located in central business district submarkets of New York City, Washington, D.C. and San Francisco.
— Kristin Hiller