Exclusive: Tishman Speyer Mixed-Use Lands $118M Refi 

Tishman Speyer has obtained a $117.8 million loan for Verde at Mission Rock, a 315,000-square-foot mixed-use property in San Francisco, according to Yardi Matrix information. Ares Management issued the note.

Previously, the property was subject to a $116.2 million construction loan, which Wells Fargo originated in 2022, the data provider shows. Partners on the 2024-completed building included Studio Gang and Quezada Architecture in charge of architecture and design, landscape architect GLS and Webcor as general contractor.

Previously known as Mission Rock Building F, the 23-story tower is at 1070 Bridgeview Way. Sitting on less than 1 acre, it is part of the larger Mission Rock mixed-use development alongside The Canyon, a 283-unit community at 1023 3rd St.

Verde at Mission Rock sits on the city’s waterfront next to the San Francisco Port and China Basin Park. It is close to Oracle Park, the Chase Center and the San Francisco Bay Trail, as well as 3 miles from the downtown area.

A San Francisco waterfront community

The mixed-use building comprises 25,000 rentable square feet of office space and eight ground-level retail spaces. Additionally, the LEED Gold-certified Verde at Mission Rock encompasses 254 market-rate apartments and 59 affordable housing units.

Studio by Tishman Speyer leases the second through fourth floors. The tenant roster also includes retailers LuxFit, Proper Food, Arsicault Bakery, Quik Dog and Ike’s Love & Sandwiches. CBRE oversees leasing at the property. Moreover, the property is subject to a 75-year unsubordinated net ground lease held by the San Francisco Port Commission that expires in 2095.

Office and retail remain steady

The first half of the year met some expectations and brought some surprises. More employees are opting for in-person work, keeping the office recovery on steady footing. As limited new space fills up, rents are also rising, according to Philippe Lanier, principal at EastBanc. Office visits improved year-over-year in April, with the gap from 2019 levels narrowing by 2.2 percentage points.

Retail industry trends also point to healthy fundamentals. The question, however, is not whether the sector is healthy, but whether it can keep up with demand, noted Adam Ifshin, founder & CEO of DLC Management Corp. Demand is also expanding for experiential retail and ultra-high-end luxury brands, added Travis Robertson, broker & retail brokerage division lead for Riverside.