The One Montgomery building in San Francisco symbolizes the city’s historical opulence and current struggles in the commercial real estate market. Ghazi Shami, CEO of Empire, purchased the historic site for $22.5 million, significantly less than its previous sale price. His motivations reflect a desire to invest in his home city, amidst a broader trend of ultrarich investors seeking bargains in a city reeling from pandemic impacts. Other notable figures, like Jony Ive and Stephen Curry, are also investing heavily in local properties, aiming to spur revitalization.
Ghazi Shami, the CEO of Empire, highlights his investment in the One Montgomery building as a generational market opportunity amidst San Francisco's struggling commercial real estate sector.
Ghazi Shami’s approach emphasizes investing back into his hometown of San Francisco, where he began his professional journey, rather than relocating to trendier markets.
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