Presidio Bay and PLEASE Management Unveil 10,000-Square-Foot Rooftop at The Spear
Presidio Bay, a leading Bay Area commercial real estate development and investment firm, has signed a lease with PLEASE Management, founded by third-generation San Francisco native Phil Spiegel, to activate the expansive penthouse level at The Spear located at 88 Spear Street. The 10,000-square-foot rooftop will introduce a new hospitality destination designed to serve both the downtown workforce and the broader San Francisco community, reinforcing The Spear’s role as an early catalyst in the city’s evolving downtown landscape.
“Downtown’s next chapter is being written by people willing to invest in its potential to reinvent itself as a world-class mixed-use destination. Our partnership with Phil Spiegel and PLEASE Management reflects a shared belief that hospitality and culture are central to downtown’s long-term vitality. The Spear was conceived as a place that will operate beyond the workday, and this rooftop destination brings that vision into focus.”
K. Cyrus Sanandaji, Founder and Managing Principal of Presidio Bay
Presidio Bay acquired The Spear early in the market cycle, making a long-term investment at a moment when conviction mattered. The acquisition, the largest office transaction in the city in 2023, signaled confidence in San Francisco’s trajectory and reinforced the belief that thoughtfully designed, experience-driven places would be central to the city’s rejuvenation. Around the same time, Spiegel opened Holbrook House and The Conservatory at One Sansome, establishing a defining presence in the Financial District. At The Spear, the rooftop project builds on destination dining, large-scale events, and years of friendship and collaboration between Presidio Bay and PLEASE’s founders, rooted in a shared love for San Francisco and a commitment to shaping a vibrant, welcoming downtown.
The rooftop at The Spear stands out for its distinct personality and design aesthetic: unique, rooted in its sense of place, wholly authentic to San Francisco, and completely irreplicable. PLEASE Management brings its expertise to the property’s full hospitality program, including the rooftop, restaurant, and tenant amenity lounge, creating a destination that enhances The Spear’s broader vision as a next-generation “Office Resort.” The firm’s experience shaping San Francisco’s social and cultural fabric, including landmark venues such as the Julia Morgan Ballroom, Merchants Exchange Club, and Credo Restaurant, underscores its ability to deliver distinctive, community-focused experiences.
Rising thirteen stories above the Financial District, The Spear is undergoing a total reinvention by Presidio Bay, fueled by a ~$100 million investment. The transformation positions the property as a vibrant hub that combines premier office space with thoughtfully managed hospitality amenities, including the rooftop with panoramic Bay Bridge views. Construction has been underway since Summer 2025, with the installation of the first tower crane in Downtown San Francisco post-pandemic marking a visible milestone in the city’s resurgence. The rooftop is designed to support everything from intimate dining to large-scale gatherings and cultural programming, serving as a new focal point for both tenants and the broader community.
“What draws me to The Spear is the opportunity to create something that feels distinctly San Francisco. With these views, this scale, and this moment in the city’s evolution, we’re able to design a space that welcomes locals downtown, whether it’s for a dinner, a celebration, or an event that brings people together around the energy of the city. This is a rare canvas, and one that allows us to build a destination that’s as much about connection and atmosphere as it is about place.”
Phil Spiegel, Founder and Principal of PLEASE Management
The rooftop lease complements previously announced tenants at The Spear, including Arsicault Bakery, known for its cult-favorite French pastries, and CANOPY, which anchors the ground floor with flexible, high-performance workspaces and curated programming. These offerings reinforce the property’s lifestyle-forward positioning, extending the energy of the daytime hours into evenings and weekends while fostering beauty, wellness, community, and social connection.
The Spear’s next-generation approach to workplace and leisure activations aligns with Mayor Daniel Lurie’s Heart of the City initiative, which leverages arts, culture, and live experiences to drive downtown vibrancy and economic resilience. The initiative is supported by funding from the Downtown Development Corporation (DDC) as well as major corporate and philanthropic partners, including Google, Salesforce, and OpenAI, helping shape a more dynamic future for San Francisco’s core. At The Spear, that idea is coming to life through curated programming, thoughtfully designed spaces and partnerships that draw people downtown and encourage them to stay. The Spear is slated for a Q4 2026 completion, with the rooftop bar, restaurant and event spaces anticipated for an early Q1 2027 opening.
Leasing for The Spear is managed by CBRE, with office opportunities led by Conor Famulener, Trent Holsman, and Jack Beritzhoff. Retail leasing was led by Alex Sagues and Graham Grealish. The property will be managed by The Main Post.
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