Situated at the bottom of Market Street along picturesque San Francisco Embarcadero, One Market Plaza is a keystone of San Francisco’s financial district. This iconic 1.6-million-square-foot complex, which includes the 43-story Spear Tower, the 27-story Steuart Tower, and the historic 11-story Southern Pacific Building (The Landmark), is among San Francisco’s most visible office and retail destinations. Renowned for its breathtaking views of the Bay Bridge and San Francisco Bay, One Market Plaza blends historic charm, modern amenities, and vibrant dining options, making it a must-visit in 2025. In this guide, we’ll explore its history, features, dining highlights, and why it remains a vital part of San Francisco’s skyline despite recent challenges.
The History of One Market Plaza
The origins of One Market Plaza go as far back as 1916 with the opening of the Southern Pacific Building, an historic building later integrated into the complex in 1976. This 11-story building, titled The Landmark, was designed by architect Willis Polk and housed the Southern Pacific Railroad headquarters. The contemporary addition, finished in 1976, included the soaring Spear Tower (172 meters) and Steuart Tower (111 meters), giving the Embarcadero a bold presence. At more than 1.5 billion pounds, it’s San Francisco’s largest heaviest building complex, an indicator of its strong engineering.
Initially Morgan Stanley Real Estate and Paramount Group owned the complex, but in 2007, Paramount acquired a half-interest for $720 million. Paramount owned 51% of the property by 2014, with Blackstone the remaining owner. A significant 1996 renovation by César Pelli & Associates updated the towers, then a 2014–2016 renovation that added shopping and concourse improvements, incorporating clean design features such as white oak “boxcars” and gray granite pavers. These renovations, spearheaded by Skidmore, Owings & Merrill (SOM), brought new life to the property’s public areas, turning it into an active place for tenants and visitors alike.
What Makes One Market Plaza Stand Out?
1. Iconic Architecture
The three buildings of the complex provide a combination of historical and modern architecture. The 43-floor Spear Tower and the 27-floor Steuart Tower offer breathtaking views of Bay Bridge, San Francisco Bay, and Market Street. The Landmark provides historical character, accommodating boutiques and offices. The modernization in 2016 incorporated modern features, including architectural metal mesh curtains by Cascade Architectural for retail security, where functionality was combined with aesthetic appeal.
2. Prime Location
Located at 1 Market Street, One Market Plaza has unbeatable access to the transportation system of San Francisco. One block from the Embarcadero BART/Muni station, California Street Cable Car line, and vintage F-Line streetcar, it is strategically placed for easy access. Position nearest to the Bay Bridge, Interstates 80 and 280, and Highway 101 ensures that it’s perfect for commuters. Easy connection to visitors from Alameda, Sausalito, and further via the nearby Ferry Building guarantees increased accessibility.
3. Large Office and Retail Space
Occupying more than 1.6 million square feet, One Market Plaza accommodates Class-A office space and 60,000 square feet of retail. High-profile tenants such as Visa (Innovation Lab) and Morgan Lewis (through 2023) have occupied the space, though recent departures by Google and others indicate post-pandemic realities. Available suites like Steuart 300 and Spear 300 feature innovative floor plans with private fitness centers, commercial kitchens, and open-space work areas, perfect for cutting-edge businesses.
4. Colorful Retail and Dining
The street-level retail podium is a lively center, with stores such as Ruby’s Old & New, a gift shop that highlights the products of women, BIPOC, and LGBTQ+ makers. The headliner is One Market Restaurant, an award-winning fine dining spot under the leadership of Chef Mark Dommen and sommelier Tonya Pitts. Famously featuring modern American fare, it serves up latkes to prime rib specials, which garner a 4.7-star rating on OpenTable.
One Market Restaurant: A Gastronomic Gem
One Market Restaurant, situated at the foot of One Market Plaza, is a gourmet restaurant renowned for its creative cuisine and lively ambiance. Chef Mark Dommen, a 2007 StarChefs “Rising Star,” offers 20 years of experience, combining modern American flavors with French inspiration. The restaurant received a Michelin star between 2008–2012 and a 3.5-star rating from San Francisco Chronicle critic Michael Bauer. Sommelier Tonya Pitts presents a Wine Spectator Best of Award of Excellence wine list, highlighting women, BIPOC, and LBTIQA+ winemakers.
Menu Highlights
- Appetizers: Chickpea fries, potato latkes, and seasonal oysters.
- Entrées: Friday prime rib special, seared scallops, and herb-crusted lamb.
- Special Events: The Chef’s Counter has front-row seats to the kitchen, while the Chef’s Table has a 7-course tasting menu with wine cellar tours.
- Pride Month Events: In June 2025, “SIZZLE!” presents a Cocktail & Drag Review featuring talent such as Bobby Friday, along with tray-passed appetizers and a four-course dinner alternative.
The restaurant provides $5 garage parking with lunch validation and $15 valet parking for dinner. Its outdoor patio is ideal for waterfront viewing during happy hour (4–8 p.m. nightly). OpenTable reviews compliment its “exceptional meals” and “festive atmosphere,” though some report its closure pending due to market changes.
Challenges Confronting One Market Plaza
In spite of its stature, One Market Plaza confronts challenges in 2025’s post-pandemic office market. A 2024 valuation reduced its worth from $1.76 billion to $1.25 billion, down 29%, a reflection of San Francisco’s commercial real estate slump. Exits by key tenants, such as Google’s 342,000-square-foot exit from Spear Tower in April 2025 and Morgan Lewis’s relocation to the Transamerica Pyramid, have created vacancies. Paramount Group’s owners, Blackstone, prepaid a $975 million loan to $850 million in 2024 to get a three-year extension, indicating financial stress.
Nevertheless, the building is 92.5% occupied, with rents above $100 per square foot—20% more than comparable trophy offices. New office tenants such as Ruby’s Old & New attest to a growing community, and Paramount’s efforts to renovate make the building competitive. As The Real Deal points out, landlords renovating during the pandemic are locking up prime leases, putting One Market Plaza on the road to recovery.
Visiting One Market Plaza: Tips for 2025
Whether you’re a professional seeking office space or a visitor exploring the Embarcadero, One Market Plaza offers a rich experience. Here are practical tips:
- Transportation: Use BART/Muni (Embarcadero station) or the F-Line streetcar for easy access. Ferries from the nearby Ferry Building are ideal for Bay Area commuters.
- Parking: One Market Plaza has a two-level underground garage with complimentary 2-hour parking for restaurant lunch validation. Valet parking ($15) for dinner is available at One Market Restaurant.
- Dining: Book a table at One Market Restaurant through OpenTable or phone (415) 777-5577. Test the happy hour for reasonable drinks and appetizers.
- Retail Exploration: Go to Ruby’s Old & New for special gifts. Check www.1marketplaza.com for current retail listings.
- Office Leasing: Reach Paramount Group’s David Eaton (david.eaton@pgre.com) or EQ Office’s Kristin Molano (kristin.molano@eqoffice.com) for suite inquiries.
- Events: Reserve One Market Restaurant’s Chef’s Table or SIZZLE! drag show for a night to remember. Visit www.onemarket.com for event schedules.
Nearby Attractions
One Market Plaza’s location makes it a portal to San Francisco’s greatest attractions:
- Ferry Building: A quick stroll across the Embarcadero, featuring artisanal eats, boutiques, and a farmers’ market.
- Embarcadero Waterfront: Ideal for strolls with views of Bay Bridge.
- Exploratorium: Science museum convenient to families nearby.
- Financial District: Walk by historic buildings and contemporary skyscrapers mere blocks away.
Conclusion
One Market Plaza is more than an office complex—it’s a vibrant hub where history, business, and culinary excellence converge. From its towering skyline presence to its fine dining and retail offerings, it embodies San Francisco’s dynamic spirit. Whether you’re a professional eyeing Class-A office space, a foodie savoring One Market Restaurant’s cuisine, or a visitor soaking in Embarcadero views, One Market Plaza delivers.