Kevin V. Nguyen

Among the recognizable faces sitting courtside at Warriors games — E-40, team owner Joe Lacob, Apple’s Eddy Cue — there’s at least one guy you probably haven’t noticed. Glasses. Curly hair. Sometimes wearing an “Everybody but Buddy” sweater. He has a prime spot next to Draymond Green at the end of the bench.&nbsp;

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<p>Among the recognizable faces sitting courtside at Warriors games — E-40, team owner Joe Lacob, Apple’s Eddy Cue — there’s at least one guy you probably haven’t noticed. Glasses. Curly hair. Sometimes wearing an “Everybody but Buddy” sweater. He has a prime spot next to Draymond Green at the end of the bench.&nbsp;</p>

His name is Brandon Shorenstein, and the 39-year-old is chairman and CEO of one of the most powerful San Francisco real estate dynasties ever created: Shorenstein Properties. His grandfather, Walter, built the company from scratch and at one point owned a quarter of the city’s offices. In the 1990s, Brandon’s father Douglas took over and supercharged the business, expanding it into a national empire.&nbsp;

<p>His name is Brandon Shorenstein, and the 39-year-old is chairman and CEO of one of the most powerful San Francisco real estate dynasties ever created: Shorenstein Properties. His grandfather, Walter, built the company from scratch and at one point owned a quarter of the city’s offices. In the 1990s, Brandon’s father Douglas took over and supercharged the business, expanding it into a national empire.&nbsp;</p>

Douglas might still be in charge today, but in 2015, he died of pancreatic cancer at the age of 60, fast-tracking Brandon, then still in his 20s, to the company’s top job. In 2020, he was named CEO. Then, the walls started caving in.&nbsp;

<p>Douglas might still be in charge today, but in 2015, he died of pancreatic cancer at the age of 60, fast-tracking Brandon, then still in his 20s, to the company’s top job. In 2020, he was named CEO. Then, the walls started caving in.&nbsp;</p>

The very same downtown skyscrapers that built the family’s fortune became burdens on the balance sheet. Since the pandemic, <a href="https://www.bisnow.com/national/news/capital-markets/shorenstein-defaults-mount-as-office-tenants-flee-124681">nearly $1 billion in loans</a> the company took out to fuel its real estate purchases during the previous decade have come under distress, creating massive losses for the firm and its investors. In a sign that things had reached an inflection point internally, the company in January cut <a href="https://www.bizjournals.com/sanfrancisco/news/2025/01/16/shorenstein-layoffs-debt-commercial-real-estate.html">about 10% of its workforce</a>, including six senior executives — its largest layoff ever.&nbsp;

<p>The very same downtown skyscrapers that built the family’s fortune became burdens on the balance sheet. Since the pandemic, <a href="https://www.bisnow.com/national/news/capital-markets/shorenstein-defaults-mount-as-office-tenants-flee-124681">nearly $1 billion in loans</a> the company took out to fuel its real estate purchases during the previous decade have come under distress, creating massive losses for the firm and its investors. In a sign that things had reached an inflection point internally, the company in January cut <a href="https://www.bizjournals.com/sanfrancisco/news/2025/01/16/shorenstein-layoffs-debt-commercial-real-estate.html">about 10% of its workforce</a>, including six senior executives — its largest layoff ever.&nbsp;</p>

Some of the largest buildings in the Shorensteins’ portfolio have been offloaded at major discounts or simply seized by lenders. The 62-story Aon Tower in Los Angeles sold for 45% less than its purchase price. The company surrendered the keys to the Capella Tower, the second-tallest skyscraper in Minneapolis. And 1407 Broadway in New York went into foreclosure after Shorenstein defaulted on a $350-million loan.&nbsp;

<p>Some of the largest buildings in the Shorensteins’ portfolio have been offloaded at major discounts or simply seized by lenders. The 62-story Aon Tower in Los Angeles sold for 45% less than its purchase price. The company surrendered the keys to the Capella Tower, the second-tallest skyscraper in Minneapolis. And 1407 Broadway in New York went into foreclosure after Shorenstein defaulted on a $350-million loan.&nbsp;</p>

The list goes on: firesales or seizures in Philadelphia, Chicago, Houston, Denver, and Seattle. In San Francisco, lenders took control of a family asset at 208 Utah St. and have agreed to sell the debt to local firm Redco Development, according to sources familiar with the pending deal. Meanwhile, one of Walter’s favorite downtown jewels, 45 Fremont, is also being marketed by lenders for sale after Shorenstein Properties and its partner defaulted on a $347-million loan.&nbsp;

<p>The list goes on: firesales or seizures in Philadelphia, Chicago, Houston, Denver, and Seattle. In San Francisco, lenders took control of a family asset at 208 Utah St. and have agreed to sell the debt to local firm Redco Development, according to sources familiar with the pending deal. Meanwhile, one of Walter’s favorite downtown jewels, 45 Fremont, is also being marketed by lenders for sale after Shorenstein Properties and its partner defaulted on a $347-million loan.&nbsp;</p>

Shorenstein's pre-pandemic real estate deals

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“I’m getting my ass kicked every day,” Shorenstein told another real estate executive last year, according to a report by the Wall Street Journal.&nbsp;

<p>“I’m getting my ass kicked every day,” Shorenstein told another real estate executive last year, according to a report by the Wall Street Journal.&nbsp;</p>

He’s not alone. Albert Behler, 73, of Paramount Group, <a href="https://sfstandard.com/2025/03/05/paramount-group-san-francisco-big-debts-come-due/">bet big on San Francisco skyscrapers and lost</a>. His company is now <a href="https://www.wsj.com/business/c-suite/major-office-landlord-is-exploring-a-sale-of-the-company-794701e3">exploring a sale</a>. Aby Rosen, 65, <a href="https://sfstandard.com/2025/01/21/san-francisco-homeless-hotel-millions-damages/">abandoned a San Francisco hotel after taking public money</a> and recently ceded New York City’s iconic Chrysler Building to his lenders.&nbsp;

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<p>He’s not alone. Albert Behler, 73, of Paramount Group, <a href="https://sfstandard.com/2025/03/05/paramount-group-san-francisco-big-debts-come-due/">bet big on San Francisco skyscrapers and lost</a>. His company is now <a href="https://www.wsj.com/business/c-suite/major-office-landlord-is-exploring-a-sale-of-the-company-794701e3">exploring a sale</a>. Aby Rosen, 65, <a href="https://sfstandard.com/2025/01/21/san-francisco-homeless-hotel-millions-damages/">abandoned a San Francisco hotel after taking public money</a> and recently ceded New York City’s iconic Chrysler Building to his lenders.&nbsp;</p>

But the Shorenstein name means more in San Francisco. Brandon’s grandmother <a href="https://www.nytimes.com/1994/06/24/obituaries/phyllis-shorenstein-76-patron-of-asian-arts-in-san-francisco.html">founded the Asian Art Museum</a>. His aunt <a href="https://www.sfgate.com/magazine/article/Second-Acts-San-Francisco-s-Carole-Shorenstein-2639255.php">owns the Curran Theater</a>. His dad <a href="https://www.frbsf.org/research-and-insights/blog/community-development/2015/11/25/remembering-douglas-w-shorenstein/">chaired the San Francisco Fed</a>. His grandfather <a href="https://www.upi.com/Archives/1993/01/14/Giants-sale-finalized/5746359782006/">even helped keep the Giants in town</a> when they considered relocating in 1993.

<p>But the Shorenstein name means more in San Francisco. Brandon’s grandmother <a href="https://www.nytimes.com/1994/06/24/obituaries/phyllis-shorenstein-76-patron-of-asian-arts-in-san-francisco.html">founded the Asian Art Museum</a>. His aunt <a href="https://www.sfgate.com/magazine/article/Second-Acts-San-Francisco-s-Carole-Shorenstein-2639255.php">owns the Curran Theater</a>. His dad <a href="https://www.frbsf.org/research-and-insights/blog/community-development/2015/11/25/remembering-douglas-w-shorenstein/">chaired the San Francisco Fed</a>. His grandfather <a href="https://www.upi.com/Archives/1993/01/14/Giants-sale-finalized/5746359782006/">even helped keep the Giants in town</a> when they considered relocating in 1993.</p>

Now, the scion of that dynasty is trying to reverse the backslide amid an unprecedented commercial real estate downturn that has left more than a third of the office buildings in San Francisco empty. Rather than wait around, other business leaders have <a href="https://sfstandard.com/opinion/2025/03/25/can-a-shiny-squad-of-ceos-really-help-sf-get-its-groove-back/">stepped into political advocacy</a>, <a href="https://sfstandard.com/2024/10/31/sf-election-2024-prop-m/">passing sweeping business tax reform</a> through Proposition M. Developers lobbied<a href="https://sfstandard.com/2024/09/15/sf-is-cutting-deals-to-unfreeze-housing-but-developers-have-to-do-their-part-too/"> for permitting and zoning reform</a>, while pursuing fee deferrals to restart frozen projects.

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<p>Now, the scion of that dynasty is trying to reverse the backslide amid an unprecedented commercial real estate downturn that has left more than a third of the office buildings in San Francisco empty. Rather than wait around, other business leaders have <a href="https://sfstandard.com/opinion/2025/03/25/can-a-shiny-squad-of-ceos-really-help-sf-get-its-groove-back/">stepped into political advocacy</a>, <a href="https://sfstandard.com/2024/10/31/sf-election-2024-prop-m/">passing sweeping business tax reform</a> through Proposition M. Developers lobbied<a href="https://sfstandard.com/2024/09/15/sf-is-cutting-deals-to-unfreeze-housing-but-developers-have-to-do-their-part-too/"> for permitting and zoning reform</a>, while pursuing fee deferrals to restart frozen projects.</p>

Brandon, meanwhile, hasn’t taken on the public mantle of a civic leader like his forefathers did. He’s also made mistakes during this tenure as CEO, opting to continue purchasing office buildings during the initial years of the pandemic, setting the company back even further.&nbsp;

<p>Brandon, meanwhile, hasn’t taken on the public mantle of a civic leader like his forefathers did. He’s also made mistakes during this tenure as CEO, opting to continue purchasing office buildings during the initial years of the pandemic, setting the company back even further.&nbsp;</p>

NEW YORK, NY - OCTOBER 23:  Brandon Shorenstein and Danielle Snyder attend the celebration of the 10 Year Anniversary of DANNIJO at Le Turtle on October 23, 2018 in New York City.  (Photo by Manny Carabel/Getty Images)


<figure class="wp-block-image size-large"><img height="2500" width="1667" src="https://content.sfstandard.com/wp-content/uploads/2025/05/gettyimages-1052862904-e1748296909189.jpg?w=683" alt="A man in glasses and a gray jacket stands with a smiling woman in a black dress and jewelry, posing closely together inside a room with wooden panels." class="wp-image-403651"/><figcaption class="wp-element-caption">Brandon Shorenstein, seen in 2018 with wife Danielle Snyder, took over his family&#8217;s real estate empire at age 34.</figcaption></figure>


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<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2025/05/gettyimages-1052862904-e1748296909189.jpg?w=683" alt="A man in glasses and a gray jacket stands with a smiling woman in a black dress and jewelry, posing closely together inside a room with wooden panels." class="wp-image-403651"/><figcaption class="wp-element-caption">Brandon Shorenstein, seen in 2018 with wife Danielle Snyder, took over his family's real estate empire at age 34.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2025/05/gettyimages-1052862904-e1748296909189.jpg?w=683" alt="A man in glasses and a gray jacket stands with a smiling woman in a black dress and jewelry, posing closely together inside a room with wooden panels." class="wp-image-403651"/><figcaption class="wp-element-caption">Brandon Shorenstein, seen in 2018 with wife Danielle Snyder, took over his family&#8217;s real estate empire at age 34.</figcaption></figure>

Shorenstein declined through a spokesperson to comment on this story. To get an understanding of what led to the company’s current state and its prospects of recovery, The Standard spoke to a dozen real estate sources who have dealt with him and his family over the decades and are privy to the firm’s internal dynamics. They requested anonymity in order to speak candidly.&nbsp;

<p>Shorenstein declined through a spokesperson to comment on this story. To get an understanding of what led to the company’s current state and its prospects of recovery, The Standard spoke to a dozen real estate sources who have dealt with him and his family over the decades and are privy to the firm’s internal dynamics. They requested anonymity in order to speak candidly.&nbsp;</p>

“Unfortunately for Brandon, he gets criticized twice in this economy,” said the leader of another prominent San Francisco real estate firm. “Once for the mistakes his predecessors made, and again, when he does not speak up or take responsibility.”&nbsp;

<p>“Unfortunately for Brandon, he gets criticized twice in this economy,” said the leader of another prominent San Francisco real estate firm. “Once for the mistakes his predecessors made, and again, when he does not speak up or take responsibility.”&nbsp;</p>


<h2 class="wp-block-heading" id="h-walter-and-douglas-shadow">Walter and Douglas’ shadow</h2>


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<h2 class="wp-block-heading" id="h-walter-and-douglas-shadow">Walter and Douglas’ shadow</h2>

For someone whose family business is on a precipice, Shorenstein is remarkably hard to pin down, according to industry sources. If any broker, investor, or developer needs to steal some face time, they might have to go to see him at Chase Center or on the back nine at the Meadow Club, a Marin County country club at the foot of Mt. Tamalpais.&nbsp;

<p>For someone whose family business is on a precipice, Shorenstein is remarkably hard to pin down, according to industry sources. If any broker, investor, or developer needs to steal some face time, they might have to go to see him at Chase Center or on the back nine at the Meadow Club, a Marin County country club at the foot of Mt. Tamalpais.&nbsp;</p>

“I think he works hard and is handling this as well as he can, but what else is he known for at this point?” asked someone who considers Shorenstein a friend.

<p>“I think he works hard and is handling this as well as he can, but what else is he known for at this point?” asked someone who considers Shorenstein a friend.</p>

In a rare media appearance in the <a href="https://www.wsj.com/real-estate/commercial/shorenstein-office-buildings-investment-eb88dd8a">Wall Street Journal last month</a>, Shorenstein said that he now sees new opportunities to capitalize on a down market. “Any investment we made before two and a half years ago isn’t looking great,” Shorenstein told the Journal. “Whereas any investment we made in the past two and a half years is going to look very good.”

<p>In a rare media appearance in the <a href="https://www.wsj.com/real-estate/commercial/shorenstein-office-buildings-investment-eb88dd8a">Wall Street Journal last month</a>, Shorenstein said that he now sees new opportunities to capitalize on a down market. “Any investment we made before two and a half years ago isn’t looking great,” Shorenstein told the Journal. “Whereas any investment we made in the past two and a half years is going to look very good.”</p>

A pedestrian looks at a boarded-up window (2nd column from left near the top) after the glass of the iconic Bank of America fell on Kearny Street during a severe wind storm on Tuesday, March 14. Another window cracked on the iconic Bank of America building: Wednesday, March 15, 2023, in San Francisco, Calif. | Paul Kuroda for The Standard


<figure class="wp-block-image alignwide size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/03/SOCIAL2-555CaliforniaWindows03052023168-2.jpg?w=2048" alt="A person looks up at a towering skyscraper with mirrored windows, reflecting the clear blue sky above." class="wp-image-139355"/><figcaption class="wp-element-caption">Walter Shorenstein once set the record for the largest office sale ever completed, at 555 California St.</figcaption></figure>


A person walks by the old Strava headquarters at Utah and 15th streets in San Francisco on Wednesday, March 5, 2025. Strava is opening the doors to its brand-new global headquarters in San Francisco. HQ celebrates Strava’s global presence and the universality of sport by featuring meeting rooms named after some of the most beloved segments around the world like Alpe d’Huez and Mount Tam, bibs from local and global races the team has been a part of and artwork from world-class sporting events to pay homage to athleticism and sportsmanship.


<figure class="wp-block-image alignwide size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2025/03/8566320600_metastrava02.jpg?w=2000" alt="A large brick building houses several companies, including Strava and WB Games, as indicated by signs. Trees line the street along parked cars." class="wp-image-374945"/><figcaption class="wp-element-caption">Even peripheral assets owned by Shorenstein are being seized. This office at 208 Utah is expected to be sold to Redco Development.</figcaption></figure>


He was later teased by some industry peers for posing for the paper wearing an $80,000 watch. “There’s a little bit of schadenfreude going around for sure,” quipped a developer after the story came out. “I mean, grandson potentially pissing it all away? C’mon.”&nbsp;

<p>He was later teased by some industry peers for posing for the paper wearing an $80,000 watch. “There’s a little bit of schadenfreude going around for sure,” quipped a developer after the story came out. “I mean, grandson potentially pissing it all away? C’mon.”&nbsp;</p>

That reputation is a far cry from the one his grandfather developed. Walter came to San Francisco after World War II and built his fortune by being the go-to broker for some of the city’s elite of the time, including the Bechtel and Swig families and companies like IBM and Metropolitan Life.&nbsp;

<p>That reputation is a far cry from the one his grandfather developed. Walter came to San Francisco after World War II and built his fortune by being the go-to broker for some of the city’s elite of the time, including the Bechtel and Swig families and companies like IBM and Metropolitan Life.&nbsp;</p>

Eventually, some of those clients would end up bankrolling Walter as he developed and/or purchased his own downtown skyscrapers, such as 555 California. Along the way, he became an influential Democratic Party donor who influenced mayors and advised presidents.&nbsp;

<p>Eventually, some of those clients would end up bankrolling Walter as he developed and/or purchased his own downtown skyscrapers, such as 555 California. Along the way, he became an influential Democratic Party donor who influenced mayors and advised presidents.&nbsp;</p>

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“Walter was a tough SOB,” recalled one former Shorenstein employee who worked with him in the 1980s. “He ruled that company with an iron fist and behaved in a way that would absolutely be considered archaic today.”&nbsp;

<p>“Walter was a tough SOB,” recalled one former Shorenstein employee who worked with him in the 1980s. “He ruled that company with an iron fist and behaved in a way that would absolutely be considered archaic today.”&nbsp;</p>

By the time the 1990s arrived, Walter’s son Douglas, a relatively calmer presence, took over and put his own spin on the business by pursuing investors outside of his father’s circle. In 1993, he started the first Shorenstein Realty Investors fund, where he recruited college endowments, large foundations, and wealthy individuals like Tom Steyer to invest with the company in real estate around the nation.&nbsp;

<p>By the time the 1990s arrived, Walter’s son Douglas, a relatively calmer presence, took over and put his own spin on the business by pursuing investors outside of his father’s circle. In 1993, he started the first Shorenstein Realty Investors fund, where he recruited college endowments, large foundations, and wealthy individuals like Tom Steyer to invest with the company in real estate around the nation.&nbsp;</p>

Shorenstein Properties would chip in about 10% of its own money into the fund and invited employees to join in as well. This strategy, which is now more commonplace, pushed the company to new heights and added to the Shorensteins’ clout. They would roll out a new version of the fund almost every year until 2022, eventually totaling more than $10 billion in investment.&nbsp;

<p>Shorenstein Properties would chip in about 10% of its own money into the fund and invited employees to join in as well. This strategy, which is now more commonplace, pushed the company to new heights and added to the Shorensteins’ clout. They would roll out a new version of the fund almost every year until 2022, eventually totaling more than $10 billion in investment.&nbsp;</p>

Shorenstein real estate funds raised by year

During his tenure, Douglas preferred to target Class A office buildings that were near or fully leased; but as time passed, and investors demanded higher returns, the company’s buying strategy got riskier and more speculative, said a source with direct knowledge of the business.&nbsp;

<p>During his tenure, Douglas preferred to target Class A office buildings that were near or fully leased; but as time passed, and investors demanded higher returns, the company’s buying strategy got riskier and more speculative, said a source with direct knowledge of the business.&nbsp;</p>

If things broke right, the high-wire act paid off handsomely. That was the case in 2015, when the company sold a former furniture showroom at 1355 Market St. in San Francisco’s <a href="https://sfstandard.com/2024/05/02/the-mid-market-faithful-life-inside-san-franciscos-office-dead-zone/">troubled Mid-Market</a> for double the amount it had invested in the property after it was transformed and leased to Twitter. Shorenstein stayed on as property and leasing manager and continued collecting fees.&nbsp;

The Mid-Market faithful: Life inside San Francisco’s office dead zone

<p>If things broke right, the high-wire act paid off handsomely. That was the case in 2015, when the company sold a former furniture showroom at 1355 Market St. in San Francisco’s <a href="https://sfstandard.com/2024/05/02/the-mid-market-faithful-life-inside-san-franciscos-office-dead-zone/">troubled Mid-Market</a> for double the amount it had invested in the property after it was transformed and leased to Twitter. Shorenstein stayed on as property and leasing manager and continued collecting fees.&nbsp;</p>

After Douglas died, this business model continued under the stewardship of one of his top lieutenants, Charlie Malet, a controversial figure within and outside the company because of his abrasive personality.

<p>After Douglas died, this business model continued under the stewardship of one of his top lieutenants, Charlie Malet, a controversial figure within and outside the company because of his abrasive personality.</p>

By the turn of the decade, when Brandon finally ascended to CEO, the Shorenstein portfolio was as big and successful as it had ever been.&nbsp;

<p>By the turn of the decade, when Brandon finally ascended to CEO, the Shorenstein portfolio was as big and successful as it had ever been.&nbsp;</p>

“How much of that was skill though?” said a veteran office broker. “How much of it was actually just an overheated market?”&nbsp;

<p>“How much of that was skill though?” said a veteran office broker. “How much of it was actually just an overheated market?”&nbsp;</p>

When the pandemic hit, most real estate firms pulled back or diversified their holdings. But under Brandon’s direction, the company continued to invest in offices, failing to realize that interest rates would soon spike or that the largest users of office space had already <a href="https://sfstandard.com/2024/04/24/how-much-big-tech-pulled-back-in-san-francisco/">pulled back their presences by half</a>.

Corporate retreat: Big Tech has slashed its office presence in San Francisco by half

<p>When the pandemic hit, most real estate firms pulled back or diversified their holdings. But under Brandon’s direction, the company continued to invest in offices, failing to realize that interest rates would soon spike or that the largest users of office space had already <a href="https://sfstandard.com/2024/04/24/how-much-big-tech-pulled-back-in-san-francisco/">pulled back their presences by half</a>.</p>

One deal in 2021 involved buying an old cannery building in Seattle that had been converted into a tech office for $185 million. Just three years later, the building’s main tenant, Zulilly, <a href="https://www.geekwire.com/2023/zulily-shutting-down-offices-and-laying-off-292-employees-in-seattle/">shut down and laid off all of its workers</a>. Shorenstein defaulted on the property, and the Vanbarton Group <a href="https://therealdeal.com/new-york/2025/05/06/vanbarton-group-converting-seattles-2601-elliott-avenue/">reportedly purchased</a> the debt for $25 million, taking control of the property from its previous owner with plans to convert it into housing.&nbsp;

<p>One deal in 2021 involved buying an old cannery building in Seattle that had been converted into a tech office for $185 million. Just three years later, the building’s main tenant, Zulilly, <a href="https://www.geekwire.com/2023/zulily-shutting-down-offices-and-laying-off-292-employees-in-seattle/">shut down and laid off all of its workers</a>. Shorenstein defaulted on the property, and the Vanbarton Group <a href="https://therealdeal.com/new-york/2025/05/06/vanbarton-group-converting-seattles-2601-elliott-avenue/">reportedly purchased</a> the debt for $25 million, taking control of the property from its previous owner with plans to convert it into housing.&nbsp;</p>

Shorenstein real estate deals after 2020

On top of big loans coming due, Shorenstein-owned properties in the Bay Area, such as America Center West in San Jose and 601 City Center in Oakland, are struggling to fill large vacancies, according to sources in those markets.&nbsp;

<p>On top of big loans coming due, Shorenstein-owned properties in the Bay Area, such as America Center West in San Jose and 601 City Center in Oakland, are struggling to fill large vacancies, according to sources in those markets.&nbsp;</p>

Meanwhile, at the company’s headquarters on the 16th floor of the Russ Building in downtown San Francisco, many junior staff and middle managers prefer to avoid Malet. The chief investment officer has a penchant for belittling colleagues in front of others, a former employee said.

<p>Meanwhile, at the company’s headquarters on the 16th floor of the Russ Building in downtown San Francisco, many junior staff and middle managers prefer to avoid Malet. The chief investment officer has a penchant for belittling colleagues in front of others, a former employee said.</p>

Shorenstein, meanwhile, isn’t as confrontational. Another source with knowledge of his thinking described him as deferential at first after his father’s death, but increasingly assertive as he’s grown into the role. Despite Malet’s looming presence, Shorenstein ultimately has final say in the company’s decisions.&nbsp;

<p>Shorenstein, meanwhile, isn’t as confrontational. Another source with knowledge of his thinking described him as deferential at first after his father’s death, but increasingly assertive as he’s grown into the role. Despite Malet’s looming presence, Shorenstein ultimately has final say in the company’s decisions.&nbsp;</p>

SAN FRANCISCO, CALIFORNIA - MAY 20: The Golden State Warriors bench looks on during the second quarter against the Dallas Mavericks in Game Two of the 2022 NBA Playoffs Western Conference Finals at Chase Center on May 20, 2022 in San Francisco, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Harry How/Getty Images)


<figure class="wp-block-image alignwide size-large"><img height="1667" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2025/05/gettyimages-1398399849.jpg?w=2500" alt="A group of people sit on a basketball bench, some in team jerseys and warm-ups, others in casual clothing. They appear attentive, with a towel seen on one player's head." class="wp-image-403652"/><figcaption class="wp-element-caption">Shorenstein, second from left, is often courtside at Warriors games.</figcaption></figure>


<figure class="wp-block-image alignwide size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2025/05/gettyimages-1398399849.jpg?w=2500" alt="A group of people sit on a basketball bench, some in team jerseys and warm-ups, others in casual clothing. They appear attentive, with a towel seen on one player's head." class="wp-image-403652"/><figcaption class="wp-element-caption">Shorenstein, second from left, is often courtside at Warriors games.</figcaption></figure>

“He’s got a good head for numbers,” said the former employee. “But I’m not sure he’s passionate about owning real estate. He inherited a lot of decisions that he had no control over.”&nbsp;

<p>“He’s got a good head for numbers,” said the former employee. “But I’m not sure he’s passionate about owning real estate. He inherited a lot of decisions that he had no control over.”&nbsp;</p>

Since 2023, the company has made new office investments in Miami, Boston, Atlanta, and Dallas with what is left of the company’s last fund. It is not clear if Shorenstein intends to open a new investment vehicle anytime soon.

<p>Since 2023, the company has made new office investments in Miami, Boston, Atlanta, and Dallas with what is left of the company’s last fund. It is not clear if Shorenstein intends to open a new investment vehicle anytime soon.</p>

Regardless of his company’s current state, Shorenstein, like his predecessors, is keeping himself deeply rooted in San Francisco. On the day that the Wall Street Journal splashed his face on an article, he was, where else, but courtside at the Chase Center for <a href="https://sfstandard.com/2025/04/29/warriors-rockets-playoffs-curry-butler/">Game 4 of the Warriors and Rockets playoff series</a>.&nbsp;

How the Warriors solved the Rockets to take a commanding 3-1 series lead

<p>Regardless of his company’s current state, Shorenstein, like his predecessors, is keeping himself deeply rooted in San Francisco. On the day that the Wall Street Journal splashed his face on an article, he was, where else, but courtside at the Chase Center for <a href="https://sfstandard.com/2025/04/29/warriors-rockets-playoffs-curry-butler/">Game 4 of the Warriors and Rockets playoff series</a>.&nbsp;</p>

On TV, he could be seen flexing after a Jimmy Butler and-one and furiously twirling his index finger at the referee after every call against the home team.

<p>On TV, he could be seen flexing after a Jimmy Butler and-one and furiously twirling his index finger at the referee after every call against the home team.</p>

A real estate dynasty on the brink — and the prince struggling to save it 

Kevin Truong

In a surprising move that <a href="https://sfstandard.com/2024/12/28/san-franciscos-next-real-estate-wave-is-starting-to-take-shape/">underscores the bargain-bin discounts</a> in the city&#8217;s real estate market, Empire, a record label founded in San Francisco, has purchased One Montgomery, a long-vacant historic building in the Financial District.

SF’s next real estate wave is starting to take shape

<p>In a surprising move that <a href="https://sfstandard.com/2024/12/28/san-franciscos-next-real-estate-wave-is-starting-to-take-shape/">underscores the bargain-bin discounts</a> in the city's real estate market, Empire, a record label founded in San Francisco, has purchased One Montgomery, a long-vacant historic building in the Financial District.</p>

<p>In a surprising move that <a href="https://sfstandard.com/2024/12/28/san-franciscos-next-real-estate-wave-is-starting-to-take-shape/">underscores the bargain-bin discounts</a> in the city&#8217;s real estate market, Empire, a record label founded in San Francisco, has purchased One Montgomery, a long-vacant historic building in the Financial District.</p>

Real estate sources confirmed the deal for the nearly 100,000-square-foot property, which closed this week, and tagged the sale price at around $250 per foot, or in the low $20 million range. That&#8217;s a more than 60% haircut from the last time the building was sold, in 2019.

<p>Real estate sources confirmed the deal for the nearly 100,000-square-foot property, which closed this week, and tagged the sale price at around $250 per foot, or in the low $20 million range. That's a more than 60% haircut from the last time the building was sold, in 2019.</p>

<p>Real estate sources confirmed the deal for the nearly 100,000-square-foot property, which closed this week, and tagged the sale price at around $250 per foot, or in the low $20 million range. That&#8217;s a more than 60% haircut from the last time the building was sold, in 2019.</p>

The seller was Texas-based Affinius Capital, a real estate investment firm that has owned the property since 2022. The news was <a href="https://www.bizjournals.com/sanfrancisco/news/2025/01/23/one-montgomery-empire-sale-san-francisco.html">first reported</a> by the San Francisco Business Times.

<p>The seller was Texas-based Affinius Capital, a real estate investment firm that has owned the property since 2022. The news was <a href="https://www.bizjournals.com/sanfrancisco/news/2025/01/23/one-montgomery-empire-sale-san-francisco.html">first reported</a> by the San Francisco Business Times.</p>

Empire was founded in 2010 by Ghazi Shami, a Bay Area native who grew up listening to West Coast rap pioneers. The label has worked with award-winning artists, including Anderson .Paak, Shaboozey, and Migos. In 2022, Empire purchased fellow San Francisco label <a href="https://sfstandard.com/2024/07/15/another-planet-entertainment-dirtybird-embarcadero/">Dirtybird Records</a>.

Civic Center’s rave was a hit. Now another show—this one free—comes to the Embarcadero

<p>Empire was founded in 2010 by Ghazi Shami, a Bay Area native who grew up listening to West Coast rap pioneers. The label has worked with award-winning artists, including Anderson .Paak, Shaboozey, and Migos. In 2022, Empire purchased fellow San Francisco label <a href="https://sfstandard.com/2024/07/15/another-planet-entertainment-dirtybird-embarcadero/">Dirtybird Records</a>.</p>

SF small businesses spot opportunities in the city’s real estate crash

Real estate deals on this downtown street signal a comeback

In many ways, One Montgomery represented the peak, nadir, and gradual recovery of San Francisco&#8217;s recent commercial real estate cycle.

<p>In many ways, One Montgomery represented the peak, nadir, and gradual recovery of San Francisco's recent commercial real estate cycle.</p>

<p>In many ways, One Montgomery represented the peak, nadir, and gradual recovery of San Francisco&#8217;s recent commercial real estate cycle.</p>

The building was sold to San Francisco-based Redco Development and its Boston-based partner AEW Capital Management for $82 million in 2019, a 70% premium from the price paid by the previous owner, 601W Cos. of New York.

<p>The building was sold to San Francisco-based Redco Development and its Boston-based partner AEW Capital Management for $82 million in 2019, a 70% premium from the price paid by the previous owner, 601W Cos. of New York.</p>

At the time, vacancy rates were in the single digits, and rents were at record highs. The partners planned to renovate the property to meet demand from creative startup tenants.

<p>At the time, vacancy rates were in the single digits, and rents were at record highs. The partners planned to renovate the property to meet demand from creative startup tenants.</p>

But the pandemic put those ideas — as well as downtown San Francisco&#8217;s larger office market — on ice. Seeing no path forward, Redco and AEW walked away from their investment and returned the keys to their lender, a predecessor company to Affinius.

<p>But the pandemic put those ideas — as well as downtown San Francisco's larger office market — on ice. Seeing no path forward, Redco and AEW walked away from their investment and returned the keys to their lender, a predecessor company to Affinius.</p>

<p>But the pandemic put those ideas — as well as downtown San Francisco&#8217;s larger office market — on ice. Seeing no path forward, Redco and AEW walked away from their investment and returned the keys to their lender, a predecessor company to Affinius.</p>

One Montgomery was built in 1908 as First National Bank&#8217;s headquarters. Its Italianate columns, marble elements, and lion statues are ornate monuments to the rebuilding of San Francisco after the 1906 earthquake and fire.&nbsp;

<p>One Montgomery was built in 1908 as First National Bank's headquarters. Its Italianate columns, marble elements, and lion statues are ornate monuments to the rebuilding of San Francisco after the 1906 earthquake and fire.&nbsp;</p>

<p>One Montgomery was built in 1908 as First National Bank&#8217;s headquarters. Its Italianate columns, marble elements, and lion statues are ornate monuments to the rebuilding of San Francisco after the 1906 earthquake and fire.&nbsp;</p>

Ownership eventually passed to the Crocker National Bank, which developed the nearby One Montgomery Tower and the adjacent Crocker Galleria.

<p>Ownership eventually passed to the Crocker National Bank, which developed the nearby One Montgomery Tower and the adjacent Crocker Galleria.</p>

For decades, the space served as a Wells Fargo branch, which <a href="https://sfstandard.com/2024/10/17/jpmorgan-new-downtown-bank/">shuttered</a> in 2019, leaving the property without an anchor tenant.

JPMorgan opens downtown branch for the ultra-rich as banks close across SF

<p>For decades, the space served as a Wells Fargo branch, which <a href="https://sfstandard.com/2024/10/17/jpmorgan-new-downtown-bank/">shuttered</a> in 2019, leaving the property without an anchor tenant.</p>

Homegrown record producer purchases long-vacant downtown SF building

Garrett Leahy

In a year that shattered records for high-end real estate, San Francisco’s housing market showcased some of the most jaw-dropping sales in city history, including the most expensive home ever sold, the oldest residence, and a house that finally changed hands after a saga over <a href="https://sfstandard.com/2023/08/30/rich-san-francisco-couple-lost-36m-homebuyer-pickleball-noise/">noise from a pickleball court</a>.

Rich San Francisco couple says they lost $36M homebuyer due to pickleball noise. The mansion has its own court

<p>In a year that shattered records for high-end real estate, San Francisco’s housing market showcased some of the most jaw-dropping sales in city history, including the most expensive home ever sold, the oldest residence, and a house that finally changed hands after a saga over <a href="https://sfstandard.com/2023/08/30/rich-san-francisco-couple-lost-36m-homebuyer-pickleball-noise/">noise from a pickleball court</a>.</p>

Here are the most expensive San Francisco home sales in 2024.

<p>Here are the most expensive San Francisco home sales in 2024.</p>


<h2 class="wp-block-heading" id="h-laurene-s-lair-71-million">Laurene&#8217;s lair: $71 million</h2>


<h2 class="wp-block-heading" id="h-laurene-s-lair-71-million">Laurene's lair: $71 million</h2>

<h2 class="wp-block-heading" id="h-laurene-s-lair-71-million">Laurene&#8217;s lair: $71 million</h2>

A man walking his dog passes by 2840 Broadway in San Francisco on Monday, Dec. 23, 2024. This home is one of the most expensive sold in San Francisco in 2024.


<figure class="wp-block-image size-large"><img height="2500" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2024/12/8064000559-realestate-5-edited.jpg" alt="A man walks a German Shepherd past a large, light-colored house with black wrought-iron balconies and a gate, surrounded by greenery on a misty day." class="wp-image-347829"/><figcaption class="wp-element-caption">The home at 2840 Broadway is the most expensive ever sold in San Francisco.</figcaption></figure>


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/12/8064000559-realestate-5-edited.jpg" alt="A man walks a German Shepherd past a large, light-colored house with black wrought-iron balconies and a gate, surrounded by greenery on a misty day." class="wp-image-347829"/><figcaption class="wp-element-caption">The home at 2840 Broadway is the most expensive ever sold in San Francisco.</figcaption></figure>

<span style="box-sizing: border-box; margin: 0px; padding: 0px;">Laurene Powell Jobs, the widow of Steve Jo</span>bs, <span style="box-sizing: border-box; margin: 0px; padding: 0px;">bough</span>t the <a href="https://sfstandard.com/2024/07/12/laurene-powell-jobs-mansion-2840-broadway/">most expensive home&nbsp;ever sold</a> in San Francisco in July, paying around $71 million for a Pacific Heights estate.&nbsp;

This billionaire is the new owner of San Francisco&#8217;s most expensive home

<p><span style="box-sizing: border-box; margin: 0px; padding: 0px;">Laurene Powell Jobs, the widow of Steve Jo</span>bs, <span style="box-sizing: border-box; margin: 0px; padding: 0px;">bough</span>t the <a href="https://sfstandard.com/2024/07/12/laurene-powell-jobs-mansion-2840-broadway/">most expensive home&nbsp;ever sold</a> in San Francisco in July, paying around $71 million for a Pacific Heights estate.&nbsp;</p>

Described as the “most beautiful house in America” by <a href="https://www.architecturaldigest.com/story/inside-a-historic-san-francisco-mansion-where-art-and-design-reign-free">Architectural Digest</a>, 2840 Broadway, on a stretch known as Billionaires&#8217; Row, was sold in an off-market deal. The 17,286-square-foot home has seven bathrooms. There&#8217;s little other information.

<p>Described as the “most beautiful house in America” by <a href="https://www.architecturaldigest.com/story/inside-a-historic-san-francisco-mansion-where-art-and-design-reign-free">Architectural Digest</a>, 2840 Broadway, on a stretch known as Billionaires' Row, was sold in an off-market deal. The 17,286-square-foot home has seven bathrooms. There's little other information.</p>

<p>Described as the “most beautiful house in America” by <a href="https://www.architecturaldigest.com/story/inside-a-historic-san-francisco-mansion-where-art-and-design-reign-free">Architectural Digest</a>, 2840 Broadway, on a stretch known as Billionaires&#8217; Row, was sold in an off-market deal. The 17,286-square-foot home has seven bathrooms. There&#8217;s little other information.</p>

According to the PropertyShark database, the estate was built in 1916.

<p>According to the PropertyShark database, the estate was built in 1916.</p>

The sellers were Sloan Lindemann Barnett, daughter of the late billionaire art collector George Lindemann, and Roger Barnett, CEO of nutritional products Shaklee Corporation. The couple purchased the property in 2011 for a cool $33 million and made extensive renovations during their ownership.

<p>The sellers were Sloan Lindemann Barnett, daughter of the late billionaire art collector George Lindemann, and Roger Barnett, CEO of nutritional products Shaklee Corporation. The couple purchased the property in 2011 for a cool $33 million and made extensive renovations during their ownership.</p>

The previous record for the most expensive home sold in San Francisco was $43.5 million in 2021.

<p>The previous record for the most expensive home sold in San Francisco was $43.5 million in 2021.</p>

core/separator


<h2 class="wp-block-heading" id="h-the-bridge-view-stunner-29-15-million">The bridge-view stunner: $29.15 million</h2>


The seven-bedroom, nine-bathroom mansion at 2799 Broadway has panoramic views of the Golden Gate Bridge, Alcatraz, and the San Francisco Bay. 


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/12/p7etxj-2799-broadway10.jpg?w=2000" alt="A luxurious living room features velvet sofas, floral arrangements on a central table, and large windows with turquoise frames revealing a scenic outdoor view." class="wp-image-346748"/><figcaption class="wp-element-caption">A rooftop terrace with a spa and a lacquered living/dining room.</figcaption></figure>


The No. 2 most expensive home of the year is less than a block away, at 2799 Broadway. The 11,635-square-foot Pacific Heights mansion sold in August for $29.15 million.

<p>The No. 2 most expensive home of the year is less than a block away, at 2799 Broadway. The 11,635-square-foot Pacific Heights mansion sold in August for $29.15 million.</p>

Built in 2004, this seven-bedroom, nine-bathroom property has  views of the Golden Gate Bridge and Alcatraz. Constructed with concrete and steel, it boasts high-end finishes, radiant heating, a rooftop terrace with a spa, and a lacquered living/dining room. It also has a library, gym, pub-style billiards room, and a wine cellar. The property is equipped with smart-home technology, an elevator, and a four-car garage.

<p>Built in 2004, this seven-bedroom, nine-bathroom property has  views of the Golden Gate Bridge and Alcatraz. Constructed with concrete and steel, it boasts high-end finishes, radiant heating, a rooftop terrace with a spa, and a lacquered living/dining room. It also has a library, gym, pub-style billiards room, and a wine cellar. The property is equipped with smart-home technology, an elevator, and a four-car garage.</p>

The mansion at 2799 Broadway sold in August for $29.15 million.


<figure class="wp-block-image size-large"><img height="1663" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2024/12/p7etxj-2799-broadway15.jpg?w=2500" alt="A spacious, elegant living area features a cozy sectional, colorful cushions, a white coffee table with flowers, and an open kitchen with stainless steel appliances." class="wp-image-346749"/><figcaption class="wp-element-caption">The seven-bedroom, nine-bathroom house sold in August for $29.15 million.</figcaption></figure>


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/12/p7etxj-2799-broadway15.jpg?w=2500" alt="A spacious, elegant living area features a cozy sectional, colorful cushions, a white coffee table with flowers, and an open kitchen with stainless steel appliances." class="wp-image-346749"/><figcaption class="wp-element-caption">The seven-bedroom, nine-bathroom house sold in August for $29.15 million.</figcaption></figure>


<h2 class="wp-block-heading" id="h-the-pacific-as-backyard-26-million">The Pacific as backyard: $26 million</h2>


A 7,890 square-foot Spanish-revival home at 290 Sea Cliff Ave. sold in July for $26 million.


<figure class="wp-block-image size-large"><img height="1667" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2024/12/dsc1365-2.jpg?w=2500" alt="Two white chairs face large windows with a view of a calm sea and distant mountains. A bridge is visible to the right against a clear evening sky." class="wp-image-346807"/><figcaption class="wp-element-caption">The third most expensive home sold in San Francisco this year is perched above the Golden Gate.</figcaption></figure>


<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2024/12/dsc1365-2.jpg?w=2500" alt="Two white chairs face large windows with a view of a calm sea and distant mountains. A bridge is visible to the right against a clear evening sky." class="wp-image-346807"/><figcaption class="wp-element-caption">The third most expensive home sold in San Francisco this year is perched above the Golden Gate.</figcaption></figure>

Perched above the Golden Gate, the Spanish revival home at 290 Sea Cliff Ave. spans 7,890 square feet and has four bedrooms and five bathrooms, as well as a sprawling backyard.

<p>Perched above the Golden Gate, the Spanish revival home at 290 Sea Cliff Ave. spans 7,890 square feet and has four bedrooms and five bathrooms, as well as a sprawling backyard.</p>

Designed by Earle B. Bertz in the 1920s, it sold for $26 million in July. It has views of the Golden Gate Bridge, Marin Headlands, and Baker Beach, making it a rare find even among the area’s remarkable real estate.

<p>Designed by Earle B. Bertz in the 1920s, it sold for $26 million in July. It has views of the Golden Gate Bridge, Marin Headlands, and Baker Beach, making it a rare find even among the area’s remarkable real estate.</p>

The home, which retains its vaulted ceilings and arched doorways, has modern amenities like radiant heating, a wine fridge, and an oceanfront deck.&nbsp;

<p>The home, which retains its vaulted ceilings and arched doorways, has modern amenities like radiant heating, a wine fridge, and an oceanfront deck.&nbsp;</p>

A real estate dynasty on the brink — and the prince struggling to save it

Homegrown record producer purchases long-vacant downtown SF building

The most expensive SF mansions sold in 2024

There’s a buyer for San Francisco’s not-dead downtown mall

SF billionaire buys downtown skyscrapers for $177M, will add pickleball courts, rock wall

Search Results for: real estate

A real estate dynasty on the brink — and the prince struggling to save it

Homegrown record producer purchases long-vacant downtown SF building

The most expensive SF mansions sold in 2024

There’s a buyer for San Francisco’s not-dead downtown mall

SF billionaire buys downtown skyscrapers for $177M, will add pickleball courts, rock wall