E
mpire, a San Francisco-based independent music label and publishing firm, has acquired the historic First National Bank building in Downtown's Financial District for approximately $20-25 million. The price works out to around $240 per square foot, significantly lower than the $840 per square foot it traded for six years ago when Redco Development and AEW Capital Management bought it for $84 million.
The 117-year-old landmark, located at 1 Montgomery Street, was previously owned by Texas-based Affinius Capital after its previous owners, Redco and AEW, defaulted on a $65 million loan in March 2023. The building's Italian Renaissance design features marble interiors, high ceilings, and floor-to-ceiling windows.
Empire, led by Ghazi Shami, purchased the property through Carlos Ramirez of The Hawthorne Group. While it's unclear whether Empire plans to relocate from its current location on Pine Street, the company has a history of launching successful artists such as Kendrick Lamar and Anderson .Paak.
The building was originally constructed in 1908 as First National Bank's headquarters but lost its top stories in the 1970s as part of a development deal. Shami founded Empire in 2010 after working in the tech and music industries, citing the Bay Area's concentration of venture capital and brainpower as an attractive factor for his business.
