Two tenants have been named at The Spear, a former nearly vacant Class B San Francisco office building that is being renovated and expanded by Presidio Bay Ventures, as part of its hospitality-centric “office resort” strategy. These include coworking firm CANOPY, which will anchor the building’s ground floor, and popular patisserie Arsicault Bakery, on the same level.
Presidio Bay Ventures, a Bay Area-based commercial real estate development and investment firm led by founder & Managing Principal Cyrus Sanandaji, acquired the building in August 2023 for $40.93 million. The firm is transforming the 11-story, 157,000-square-foot office building at 88 Spear St. in the city’s South Financial District into a Class A, 13-story, 184,561-square-feet next-generation workplace that focuses on high-end, resort-style hospitality and mixed-use activation. Plans call for the building to be completed by next fall.
Strategically located within blocks of Salesforce, Google and Visa’s headquarters, the property is also close to the Ferry Building and Embarcadero transit. Presidio Bay’s focus since it purchased the building at a discount has been to unlock long-term value through placemaking.
Sanandaji said in prepared remarks transforming the 88 Spear St. into The Spear represents a bold investment in San Francisco’s future. He said the firm is not just reinvesting in the building but also reimaging the workplace experience to reflect how people work, connect and live. The goal for the “office resort” is to blend productivity, wellne
First two tenants
The location at Spear and Mission streets will be Arsicault’s fourth in the city. CANOPY, a Bay Area-based coworking brand, will anchor the ground floor. It will offer flexible office spaces and coworking memberships that will feature reservable boardrooms, meeting rooms, quiet spaces and larger areas for events.
Arsicault Bakery—named one of Bon Appetit’s best bakeries in America—will offer its French pastries, croissant and other baked goods from its location on the ground floor. It will be part of The Spear’s approximately 32,600 square feet of indoor-outdoor amenity and tenant spaces dedicated to food, beverage and event programming.
An expanded, multi-level rooftop area will include a wrap-around shared tenant space along with an exclusive events space, bar and restaurant concept with views of the Bay. In addition to the rooftop deck, tenants will also have access to a gym, spa-style steam, sauna, cold plunge and hot tub facilities, hotel-inspired locker rooms, golf simulator and content-creation studios. A wellness-focused Performance Lab will provide mobility, recovery and longevity services, including IV therapy, golf mobility, strength and conditioning and personalized wellness programming.
Flexible meeting and events spaces will also be available to tenants. The amenity spaces will have curated tenant programming and events such as group wellness sessions, skill-building workshops and networking.
Property management, leasing team
The Spear will be operated by The Main Post, Presidio Bay’s hospitality-driven real estate services platform. The Main Post’s focus at The Spear will be on elevated property management and experiential lifestyle management with a hospitality-first approach.
CBRE is handling leasing at The Spear. Executive Vice President Conor Famulener, Senior Vice President Trent Holsman and First Vice President Jack Beritzhoff are leading the office leasing. Senior Vice President Alex Sagues and Senior Associate Graham Grealish are leading retail leasing.
Presidio Bay has other hospitality and design-driven developments in California’s Bay Area including Springline in Menlo Park, Ventana Residences in San Francisco and 388 Cambridge in Palo Alto. The San Francisco-based firm, which has a portfolio valued at nearly $5.6 billion, has developed projects totaling 5.3 million square feet of new construction and adaptive reuses.
This story originally appeared in Commercial Property Executive.
