The One Montgomery building in San Francisco, an emblem of the gilded age, symbolizes the city's fluctuating fortunes as Ghazi Shami, CEO of Empire, purchases it for $22.5 million—over 70% less than its former value. This acquisition reflects a trend among wealthy investors who aim to rejuvenate the struggling commercial real estate market in San Francisco post-COVID-19. Shami decided to invest in his hometown instead of other bustling music scenes, embodying a local entrepreneurship spirit. Other influential figures, like Jony Ive and Stephen Curry, are also capitalizing on the market's low prices to spur revitalization efforts.
Ghazi Shami, chief executive officer of the record label Empire, bought One Montgomery for $22.5 million, more than 70% below its price six years prior.
Despite tech-induced wealth, San Francisco's commercial real estate market struggles to rebound after Covid-19, prompting local investors to seek revitalization opportunities.
Ghazi Shami sees his purchase as a generational market opportunity, emphasizing his commitment to investing in his hometown rather than moving to LA or New York.
Local business leaders, like Jony Ive and Stephen Curry, are spending significantly on properties, aiming to revitalize San Francisco's commercial real estate market amid depressed prices.
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