Office · San Francisco, California
525 Market Street
Public CMBS trusts hold $110.0M of the loan on 525 Market Street at 2.95% that reaches maturity on February 6, 2030, in 3 years and 3 months. As of the Sep 2026 and Oct 2026 servicer reports its status is current.
The loan
- Balance in tracked trusts
- $110,000,000
- Original balance (same notes)
- $110,000,000
- Interest rate
- 2.95% fixed
- Originated
- January 29, 2020
- Maturity
- February 6, 2030
- Payments
- Interest only for the full term
- Prepayment lockout ended
- March 5, 2022
- Prepayment premium ends
- August 5, 2029 (yield maintenance)
- Master servicer
- Trimont LLC
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 525 Market Street, San Francisco, CA 94105
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 1,034,170 sq ft
- Built
- 1973, renovated 2018
- Largest tenants
- Amazon.com; Amazon.com; Amazon.com
- Value at securitization
- $1.3B (Nov 2019)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 4.38x | 2.17x |
| Occupancy | 97% | 70% |
| Net operating income (annualized from 6 months) | $61.5M | $44.5M |
| Debt yield | 40.4% |
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 GS Mortgage Securities Trust 2020-GC47 filing for the reporting period ending October 8, 2026, filed with the SEC October 22, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
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 97% when the loan was securitized to 70%.
- Net operating income is 28% below the underwritten figure ($44.5M a year against $61.5M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 4.38x at securitization to 2.17x on the latest statements.
- The filing gives Jan 2028 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 |
|---|---|---|---|---|---|
| October 2026 | $10.0M | Current | No | 2.17x | 70% |
| September 2026 | $110.0M | Current | No | 2.12x | 72% |
| August 2026 | $110.0M | Current | No | 1.86x | 74% |
| July 2026 | $110.0M | Current | No | 1.86x | 74% |
| June 2026 | $110.0M | Current | No | 1.86x | 74% |
| May 2026 | $110.0M | Current | No | 1.86x | 74% |
| April 2026 | $110.0M | Current | No | 1.78x | 74% |
| March 2026 | $110.0M | Current | No | 1.78x | 74% |
| February 2026 | $110.0M | Current | No | 1.78x | 74% |
| January 2026 | $110.0M | Current | No | 1.91x | 72% |
| December 2025 | $110.0M | Current | No | 1.91x | 72% |
| November 2025 | $110.0M | Current | No | 1.91x | 72% |
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.
Where the loan sits
The loan is split into 4 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BBCMS Mortgage Trust 2020-C7 | 2 | $50,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| Morgan Stanley Capital I Trust 2020-HR8 | 5 | $40,000,000 | Sep 2026 | SEC filing, October 2, 2026 |
| GS Mortgage Securities Trust 2020-GC47 | 20 | $10,000,000 | Oct 2026 | SEC filing, October 22, 2026 |
| BBCMS Mortgage Trust 2020-C7 | 2A | $10,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
Other San Francisco-Oakland-Fremont loans due in 2030
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Burlingame Point | Burlingame, CA | Office | $360.0M | 3.017% | Jul 2030 | 2.68x | 100% | Current |
| Radius at Harbor Bay | Alameda, CA | Other | $166.4M | 6.126% | Jan 2030 | 1.48x | 90% | Current |
| The Plaza at Walnut Creek | Walnut Creek, CA | Office | $97.2M | 6.598% | Feb 2030 | 2.87x | 93% | Current |
| 420 Taylor | San Francisco, CA | Office | $79.5M | 3.75% | Aug 2030 | 3.45x | 100% | Current |
| 525 Market | San Francisco, CA | Office | $50.0M | 2.95% | Feb 2030 | 2.12x | 72% | Current |
| Panoramic Berkeley | Berkeley, CA | Multifamily | $42.0M | 3.848% | Apr 2030 | 2.23x | 99% | Current |
| 1420 Harbor Bay Parkway | Alameda, CA | Mixed use | $41.6M | 6.126% | Jan 2030 | n/a | n/a | Current |
| 1019 Market Street | San Francisco, CA | Mixed use | $33.5M | 3.78% | Jan 2030 | n/a | n/a | With the special servicer |
All loans maturing in 2030 · All San Francisco-Oakland-Fremont loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting periods ending September 11, 2026, October 8, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.