Office · Burlingame, California
One Bay Plaza
One Bay Plaza is financed with a $54.3M CMBS loan at 8.168% that reaches maturity on July 6, 2029, in 2 years and 8 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $54,320,000
- Original balance (same notes)
- $54,320,000
- Interest rate
- 8.168% fixed
- Originated
- June 12, 2024
- Maturity
- July 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ends
- January 5, 2029
- Master servicer
- Midland Loan Services
- Originator
- UBS AG
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1350 Old Bayshore Hwy, Burlingame, CA 94010
- Metro
- San Francisco-Oakland-Fremont, CA
- Rentable area
- 182,731 sq ft
- Built
- 1980, renovated 2022
- Largest tenants
- Alaska Airlines; CUSHMAN & WAKEFIELD U.S., INC., a Missouri corporation; Arrivent BioPharma, Inc.
- Value at securitization
- $88.4M (Apr 2024)
Performance
| At securitization | Latest (Jun 2026) | |
|---|---|---|
| DSCR (NOI) | 1.54x | 1.33x |
| Occupancy | 90% | 83% |
| Net operating income (annualized from 6 months) | $6.9M | $12.1M |
| Debt yield | 22.2% |
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 BMO 2024-5C5 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 2, 2026.
None this month. No flag in the cmbs.news screen applies to this loan.
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 90% when the loan was securitized to 83%.
- Net operating income is 75% above the underwritten figure ($12.1M a year against $6.9M; the latest statement covers 6 months, annualized).
- Debt service coverage moved from 1.54x at securitization to 1.33x on the latest statements.
- The filing gives Aug 2028 as the lease end date for the largest tenant (Alaska Airlines), 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 | $54.3M | Current | No | 1.33x | 83% |
| August 2026 | $54.3M | Current | No | 1.38x | 85% |
| July 2026 | $54.3M | Current | No | 1.38x | 85% |
| June 2026 | $54.3M | Current | No | n/a | n/a |
| May 2026 | $54.3M | Current | No | n/a | n/a |
| April 2026 | $54.3M | Current | No | 1.35x | 87% |
| March 2026 | $54.3M | Current | No | 1.35x | 87% |
| February 2026 | $54.3M | Current | No | 1.35x | 86% |
| January 2026 | $54.3M | Current | No | 1.35x | 86% |
| December 2025 | $54.3M | Current | No | 1.35x | 85% |
| November 2025 | $54.3M | Current | No | 1.35x | 85% |
| October 2025 | $54.3M | Current | No | 1.35x | 85% |
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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BMO 2024-5C5 Mortgage Trust | 4 | $54,320,000 | Sep 2026 | SEC filing, October 2, 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 |
| 188 Spear Street | San Francisco, CA | Office | $125.0M | 3.57% | Jun 2029 | 3.57x | 97% | With the special servicer |
| 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 |
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.