Disney Joins Ranks of Big-Ticket Tenants at San Francisco's One Market Plaza
One Market Plaza, a San Francisco office complex that lost Google as an anchor tenant last year, has signed Disney to a 76,000-square-foot lease. The deal is seen as a major win for the property's owner, Elecor Properties, which has been working to revamp its portfolio and attract new tenants.
The complex had struggled with high vacancy rates in recent years, but it appears to be gaining momentum with several new leases signed this summer, including one with law firm Wilson Sonsini Goodrich & Rosati for 150,000 square feet. Disney's lease is the latest in a string of wins for Elecor Properties.
The citywide office vacancy rate remains high at 29.2%, according to CBRE data from the second quarter, but One Market appears to be well-positioned to capture growing demand from large tenants. The property's new ownership and management team may have played a role in attracting Disney, as Elecor Properties is an office platform created after alternative asset manager Rithm Capital acquired Paramount Group last year.
In another development, the 660,000-square-foot tower at 300 Mission St., also owned by Elecor Properties, has seen its occupancy rate jump to nearly 87% with a new lease from digital clinic Hinge Health. The company will occupy 120,000 square feet across four floors in the building.