Elecor Properties Gives Look at One Market, One Front Renovations

One Market and One Front are getting major upgrades through a new, multimillion-dollar repositioning strategy to drive leasing activity at the two trophy San Francisco properties. Elecor Properties, the recently renamed Paramount Group, unveiled a first look at the renovations Tuesday, which are part of a $250 million capital improvement plan across four properties in its portfolio (the other two are located in New York); and comes as more of the city’s stock of office space is transforming with features like tenant-only gyms, bars and lounges as landlords compete to lure in new tenants. The company’s amenity and experience-driven upgrade program, first announced in April by its parent company Rithm Capital Corp., is designed to meet the needs of today’s workplace, Elecor said in a release.

The upgrades are part of a larger repositioning strategy to lease up the buildings, which both have seen large legacy tenants shed space in recent years, contributing to elevated vacancy levels at both properties.

A proposed ground floor cafe at One Front Street, part of the multimillion dollar renovation program there. Elecor Properties The modernization comes in tandem with a looming deadline for the debt backed by One Market, a massive 1.6 million-square-foot waterfront office building.

Earlier this year, Blackstone and Rithm exercised a year-long extension of the $850 million loan secured by the building, part of a larger deal completed in 2024 where they paid down the debt in exchange for a three-year extension of the debt’s February 2024 maturity. That gave the owners more time to hash out a long-term solution, like refinancing with new debt.

The 2024 deal also included a one-year forbearance period that would effectively push the $850 million loan’s maturity to February 2028 —but that period only kicks in if Rithm and Blackstone are unable to refinance the loan or resolve the February 2027 debt maturity. Leasing up space will better position the owners to land a refinancing deal, or get better set up to pay down the debt further.

One Market has seen a handful of its legacy tenants, including Google, Visa and Autodesk, vacate their large footprints, sending the property’s vacancy rate to 65.4% as of May 2026. Sources familiar with the property told the Business Times previously that there has been notable leasing interest in the property totaling more than 100,000 square feet from multiple tenants. Those deals, which have not yet closed, could help offset its latest departure: Autodesk, which left a 109,000-square-foot lease across the bottom floors there.

One Front similarly has lots of space to fill. The 38-story building dropped from 76.3% leased to roughly 42.5% after JPMorganChase handed back a 219,180-square-foot block of space it assumed from First Republic Bank after its lease expired last June. The bank has another 18,148 square feet of space in the building expiring in 2027, plus two more leases spanning roughly 102,000 square feet that expire in 2029 and 2030 respectively.

Beacon Capital Partners in May 2025 acquired a 25% stake in the building in a deal that valued the property at $255 million, a roughly 50% drop from the $521 million then-Paramount bought it for in 2016. Rithm Capital acquired Paramount Group in a $1.6 billion deal in September 2025, taking over its 1.3 million-square-foot portfolio of owned and managed offices across San Francisco and New York. Elecor worked with architecture and design firm Perkins & Will and its recently acquired A+I unit.