Ghazi Shami Of Empire Acquires Historic First National Bank Building In San Francisco For $24.5M

The transaction involves the sale of an office asset located at 1 Montgomery Street in San Francisco, which encompasses 100,000 square feet. The property was sold for $24,500,000, resulting in a price per square foot of $245. This office space has remained vacant since 2019.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $24,500,000
• Sale Date: 01/24/2025
• Buyer: Ghazi Shami - Empire
• Seller: Len O'Donnell - Affinius Capital
• Buyer's Representative: Carlos Ramirez - The Hawthorne Group
• Seller's Representatives: Darren Hollak & Steven Golubchik - Newmark
• Market: San Francisco
• Sale Price: $24,500,000
• Square Footage: 100,000
• Price Per Square Foot: $245

Empire, headed by Ghazi Shami, completed the acquisition of the historic First National Bank building after it was listed for sale following a default on a significant loan by previous owners. The property was previously held by Affinius Capital, marking a substantial decline in value from its earlier sale in 2019.