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Metropolis Investment Holdings Pays Off $150 Mil Loan for 600k sf San Francisco Office Tower

1/24/25

345 California Center, an iconic Class A office tower totaling 600k sf over 35 floors in the heart of downtown San Francisco, is now owned debt free by its long-time owner 345 California LP, an affiliate of Metropolis Investment Holdings Inc. 345 California LP recently announced it paid off a $150 mil term loan with Massachusetts Mutual Life Insurance Company on November 1, 2024.

Metropolis Investment Holdings’ portfolio of roughly 6 msf of Class A office towers located in San Francisco, Chicago, Houston, Dallas, and Philadelphia is now owned 100% debt free. 345 California is regarded as one of San Francisco’s most prestigious buildings.

Metropolis’ Tom Dempsey, Managing Director - Head of Asset Management, noted the firm’s “generational hold” approach to owning office buildings which centers on buying excellent assets at the right price, maintaining them at the highest level, and meeting the leasing markets where they are, without the need for excessive financial engineering or lender involvement to sign leases.

“Our ownership is well-positioned to address the biggest challenges tenants face in the current market; namely, matching underlying market rents with the significant capital required to build new space. Our long-term hold approach puts us in the enviable position of having a low-cost basis, and paying off the loan reaffirms our commitment to the San Francisco office market,” said Dempsey.

In addition to its loan payoff, 345 California also just completed a new lease with Degenkolb Engineers. Relocating from within the city, the engineering firm will occupy 17k sf of office space at the premier building.

Cushman & Wakefield’s Sam Wasserstein and Greg Fogg, who handle leasing efforts for the tower, represented ownership in its new lease with Degenkolb Engineers. Jonathan Allen and Griggs Ziesing of JLL repped Degenkolb in the transaction.

345 California consists of 600k sf of Class A office space and retail amenities and ample parking. 345 California is a LEED® Platinum, BOMA 360 and EnergyStar® Certified, UL Healthy Building Verified for Air & Water and is a Fitwel 2 Star Certified property. On site amenities include, a new tenant lounge incorporating high-end furnishings, streaming TV and meeting rooms and booths exclusively for tenants.

Another exclusive tenant amenity is 345 Fit, a first-class fitness center. The building also offers 345 Pedal, a secure bike parking area with numerous spaces and lockers plus repair services, The Hive, urban rooftop honeybees, and the Artcade 345, a digital art gallery situated along the building entryway.

Additionally, on floors 36 through 48 of the building is a separately owned Four Seasons Hotel, which features Orafo restaurant, offering an Italian farm to table dining experience.

Conveniently located on the intersection of California and Battery Streets, the building is within just steps of all major forms of public transportation: BART, Muni and cable cars. 345 California also features award-winning architectural design created by Skidmore, Owings and Merrill.




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