Office · San Francisco, California
188 Spear Street
Public CMBS trusts hold $125.0M of the loan on 188 Spear Street at 3.57% that reaches maturity on June 6, 2029, in 2 years and 7 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer.
The loan
- Balance in tracked trusts
- $125,000,000
- Original balance (same notes)
- $125,000,000
- Interest rate
- 3.57% fixed
- Originated
- June 5, 2019
- Maturity
- June 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- December 5, 2028
- Master servicer
- Wells Fargo Bank, NA
- Originator
- Barclays Capital Real Estate Inc.
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred March 24, 2026
- Workout strategy
- TBD
- Defeasance
- None reported
The property
- Address
- 188 Spear Street, San Francisco, CA 94105
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 218,669 sq ft
- Built
- 1972, renovated 2012
- Largest tenants
- Amazon.com; New Relic Inc; JPMorgan Chase Bank N.A.
- Value at securitization
- $217.0M (Apr 2019)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 2.90x | 3.57x |
| Occupancy | 100% | 97% |
| Net operating income (annualized from 3 months) | $13.1M | $16.4M |
| Debt yield | 13.1% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Wells Fargo Commercial Mortgage Trust 2019-C52 filing for the reporting period ending September 11, 2026, filed with the SEC September 29, 2026.
- With the special servicer
- Largest tenant's lease ends within 12 months
On the cmbs.news watch list in every report since April 2026.
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 100% when the loan was securitized to 97%.
- Net operating income is 25% above the underwritten figure ($16.4M a year against $13.1M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 2.90x at securitization to 3.57x on the latest statements.
- The filing gives Jan 2027 as the lease end date for the largest tenant (Amazon.com), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $125.0M | Current | Yes | 3.57x | 97% |
| August 2026 | $125.0M | Current | Yes | 3.57x | 97% |
| July 2026 | $125.0M | Current | Yes | 3.54x | 97% |
| June 2026 | $125.0M | Current | Yes | 3.54x | 97% |
| May 2026 | $125.0M | Current | Yes | 3.54x | 97% |
| April 2026 | $125.0M | Current | Yes | 3.54x | 97% |
| March 2026 | $125.0M | Current | No | 3.54x | 97% |
| February 2026 | $125.0M | Current | No | 3.54x | 97% |
| January 2026 | $125.0M | Current | No | 3.51x | 98% |
| December 2025 | $125.0M | Current | No | 3.51x | 98% |
| November 2025 | $125.0M | Current | No | 3.64x | 98% |
| October 2025 | $125.0M | Current | No | 3.64x | 98% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Special-servicing history
- Transferred to the special servicer March 24, 2026, still there.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2019-C4 | 2 | $60,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Wells Fargo Commercial Mortgage Trust 2019-C51 | 2 | $47,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Wells Fargo Commercial Mortgage Trust 2019-C52 | 18 | $18,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 560 Mission Street | San Francisco, CA | Office | $300.0M | 2.589% | Dec 2029 | 2.37x | 97% | Current |
| 101 California Street | San Francisco, CA | Office | $200.0M | 3.85% | Mar 2029 | 1.60x | 91% | Current |
| 350 Bush Street | San Francisco, CA | Office | $185.0M | 3.912% | May 2029 | 4.63x | 100% | Current |
| Nema San Francisco | San Francisco, CA | Multifamily | $75.0M | 4.436% | Feb 2029 | 1.34x | 97% | Current |
| One Stockton | San Francisco, CA | Retail | $66.0M | 4.04% | Dec 2029 | -0.37x | 100% | Current |
| Pleasanton Corporate Commons | Pleasanton, CA | Mixed use | $65.8M | 7.78% | May 2029 | 1.88x | 100% | Current |
| Central Tower | San Francisco, CA | Office | $63.7M | 4.06% | May 2029 | 1.11x | 34% | With the special servicer and 90+ days delinquent |
| 350 Rhode Island South | San Francisco, CA | Office | $62.5M | 4.143% | Mar 2029 | 0.56x | 70% | Current |
All loans maturing in 2029 · All San Francisco-Oakland-Fremont loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.