Paramount Group and Blackstone have reached an agreement to extend a $975 million loan on San Francisco’s One Market Plaza, ahead of its February maturity date. According to sources familiar with the transaction, both companies will pay down the loan in exchange for an extension.
The exact amount that will be paid down and the new maturity date have not been disclosed yet. The loan was placed into special servicing before this extension was negotiated, which is a standard procedure as any changes to its terms require approval from the special servicer.
A spokesperson for Paramount and Blackstone stated that this property has a high occupancy rate of 96%, with significant leasing activity over the past three years. They also mentioned recent lease agreements at rents higher than pre-COVID levels. This news comes from reliable sources within Connect CRE’s network.
