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n a significant deal that highlights the discounted prices in San Francisco's real estate market, Empire Records has acquired One Montgomery, a historic building in the Financial District. The nearly 100,000-square-foot property was sold for around $250 per foot, or approximately $20 million, a more than 60% decrease from its sale price in 2019. Texas-based Affinius Capital, which owned the building since 2022, was the seller.

    Empire Records, founded by Ghazi Shami in San Francisco in 2010, has worked with notable artists such as Anderson .Paak and Migos. The label's purchase of One Montgomery marks a significant shift in the city's commercial real estate market. In 2019, the building was sold to Redco Development and AEW Capital Management for $82 million, but the pandemic led to a change in plans, and they eventually returned the property to their lender.

    One Montgomery, built in 1908 as First National Bank's headquarters, boasts ornate Italianate columns, marble elements, and lion statues. The building has served various purposes over the years, including as a Wells Fargo branch, which closed in 2019, leaving it without an anchor tenant.