JLL to market for sale the loan secured by one of San Francisco’s most iconic office towers

SAN FRANCISCO, Feb. 5, 2026 –  JLL Capital Markets announced today that it has been engaged to market the loan secured by the fee simple interest in 225 Bush, an iconic, 22-story office tower totaling 585,448 square feet in San Francisco, California.

JLL is selling the loan on behalf of a consortium of CMBS securitization trusts, Benchmark 2019‑B14, Benchmark 2020‑IG2, CF 2019‑CF3, COMM 2019‑GC44, and UBSCM 2019‑C18, which collectively hold the $350 million whole loan secured by the borrower’s fee interest in the office tower.

Formerly known as the Standard Oil Building, 225 Bush was originally developed by John D. Rockefeller as the headquarters for Standard Oil and then later served as the Chevron headquarters. The property was most recently renovated in 2010 and 2020 and remains one of San Francisco’s most architecturally significant, historic office towers. 225 Bush features modern building systems, efficient floor plates averaging 26,000 square feet each, on-site parking and a fitness center. Tenants at the approximately 50%-leased building include Crusoe Energy Systems, a digital infrastructure company; and Handshake, an AI-driven career network and recruiting platform.

225 Bush is positioned in the heart of San Francisco’s North Financial District, one of the largest and oldest financial districts in the Western United States. The property offers unparalleled connectivity to transit and a vibrant ecosystem of world-class retail, dining, and entertainment options.

JLL’s Capital Markets Investment Sales and Advisory team representing the CMBS Trust is led by Senior Managing Director Rob Hielscher, Managing Directors Adam Lasoff and Chad Coluccio and Director Caroline Reynolds.

“225 Bush represents one of the most compelling opportunities in the nation,” said Hielscher. “The offering provides investors with the ability to acquire a large, whole-loan position secured by a historically significant San Francisco office asset. The loan structure and underlying collateral present an attractive entry point for a new investor to take advantage of the rebound occurring in San Francisco.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.          

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.