Billionaires and CEOs Bet on Cheap San Francisco Real Estate
In San Francisco's financial district, the One Montgomery building evokes the opulence of America's turn of the 20th century gilded age. With its Tuscan columns, marble staircases and bronze doors, the Renaissance Revival landmark once housed Crocker Bank, named after one of the tycoons who built the western portion of America's first transcontinental railroad.
These days, the property exemplifies the city's shifting fortunes: Ghazi Shami, chief executive officer of the record label Empire, bought it in January for $22.5 million, more than 70% below its selling price only six years before.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
5 days ago
- Yahoo
Prada Group Bolsters Vertical Integration With Strategic Stake in Rino Mastrotto Group
MILAN — Prada Group continues to invest in Italy's pipeline and in the company's vertical integration. On Thursday, the Italian luxury group said it has acquired a 10 percent stake in leading tannery Rino Mastrotto Group. More from WWD Sabrina Carpenter Teases New Prada Beauty Product in Her 'Manchild' Music Video Patrizio Bertelli, Francesco Milleri, More Fashion Execs Receive Cavaliere del Lavoro Honor in Italy Capri Holdings Plots Turnaround After Steep Q4 Losses Under the terms of the agreement, Prada has taken full control of tannery Conceria Superior SpA and Tannerie Limoges S.A.S., and is contributing in kind 100 percent of the two companies to Rino Mastrotto Group. In addition, Prada is making a cash investment in a minority stake in Rino Mastrotto Group, which allows it 'to strengthen its control over a highly strategic phase of the production process,' said chairman and executive director Patrizio Bertelli. 'Our groups share a passion for quality, innovation and sustainability; we are proud to foster synergies and promote consolidation along the value creation chain and the Made in Italy.' Rino Mastrotto Group is a global provider of materials and bespoke services for the luxury industry. The transaction, which is expected to close between the end of the second quarter and the beginning of the third quarter, contributes to fostering long-term industrial development and reinforces the commercial relationship between the two groups. The agreement 'reflects our ongoing commitment to investing in the luxury segment,' said Matteo Mastrotto, chief executive officer of Rino Mastrotto Group, which is jointly owned by Renaissance Partners and the Mastrotto family. 'Having Prada Group as a shareholder is a testament to a long-standing collaboration built on trust and enhances our industrial vision to ensure sustainable growth.' Rino Mastrotto Group employs more than 1,300 people across five continents and generates a turnover of approximately 360 million euros. Under its umbrella, several companies and brands operate within the luxury segment, including Rino Mastrotto, Basmar, Pomari, Nuova Osba, Tessitura Oreste Mariani and Mapel. The group is also active in the automotive sector through Brusarosco in Italy and Elmo Leather in Sweden, and in interior design through its Italian division, Elmo Leather, the North American distribution branch Carrol Leather, and Imatex in the textile sector. Morelab, a Tuscan company, is a specialized provider of tailor-made services. 'This transaction adds significant strategic and industrial value, further enhancing Rino Mastrotto's equity story and supporting both its growth and consolidation journey,' said Alessio Masiero, partner at Renaissance Partners. Renaissance Partners invests in four sectors: sustainability, information technology, health care and specialized industrials, managing more than 2.8 billion euros, with investments in 12 companies and an aggregate turnover of approximately 6 billion euros. Bertelli has often prided himself for starting back in the '90s to build the group's network of plants that has grown in time to comprise 24 industrial facilities, of which 21 are in Italy, believing in factories 'as families,' creating the group's own pipeline, from product to retail, and investing over the years in protecting Italy's supply chain and small- and medium-sized companies. Among some of the key investments, for example, Prada Group twice joined forces with the Ermenegildo Zegna Group to acquire a majority stake in Filati Biagioli Modesto SpA in 2021, and in 2023 to buy a 15 percent stake each in knitwear and fine yarns specialist Luigi Fedeli e Figlio Srl. In 2022, Prada took a 43.65 percent stake in Superior, based in Santa Croce sull'Arno in the province of Pisa, Tuscany. The company, a leader in calfskin processing, has been active for more than 60 years in the Italian and international markets as a specialized tanner for the luxury sector. And in 2014, it acquired historic French tannery Tannerie Limoges, founded in 1936, relaunching the storied production site, specialized in lambskin tanning and in particular in the tanning of plongé napa leather. In addition, aiming at the integration of a luxury brand, Prada in April confirmed it was acquiring 100 percent of Versace from Capri Holdings for 1.25 billion euros, a transaction which is expected to close in the second half of the year. Best of WWD EXCLUSIVE: Sean Combs Regains Control of Sean John Brand Isabel Marant Said in Play Again: Sources Holding Industriale Invests in Shoe Specialist Valmor Sign in to access your portfolio
Yahoo
6 days ago
- Yahoo
Tudor backs favourite, Allegri-Dusan tension, Inter eyes Saudi move 🇸🇦🤑
All eyes tonight will be on the match between Italy and Norway, but as usual, the market takes the spotlight first. Not only Chivu to Inter and Kelly's official move to Juventus: there are many market news released during the day and below you will find some of the most important ones. Juventus, Tudor wants his protégé After Juventus' decision not to extend Renato Veiga's loan, who is set to return to Chelsea, the Turin club is looking for a replacement in defense. Among the names considered with greater insistence stands out that of Balerdi, central defender of Marseille, already coached by Igor Tudor in the past. Advertisement The Argentine born in '99, who also holds an Italian passport, is a profile appreciated by the former Bianconeri coach. His experience in Ligue 1 makes him a solid option for the backline. Goal reports this. Milan, Allegri thinks of Vlahovic Milan is particularly active in this phase of the transfer market, with the clear goal of adding a striker capable of scoring in double digits. The name at the top of the list, according to is Dusan Vlahovic. The Serbian center forward, leaving Juventus, has long been one of Massimiliano Allegri's favorites. The Tuscan coach, now involved in the Rossoneri project, has asked to deepen contacts with the Bianconeri. The first dialogues, already started for Cambiaso, could facilitate the negotiation. Inter, watch out for Inzaghi's Al Hilal Inter will be able to invest in the market again thanks to a positive balance sheet and revenues exceeding 500 million euros. To these incomes will be added those derived from possible sales. Among the fans' concerns is the risk that Inzaghi's arrival at Al-Hilal attracts profiles like Bastoni and Barella. Advertisement The former was already sounded out by Al-Nassr in January, who stopped in front of the 80 million request. Barella, on the other hand, said no to a monstrous offer of 30 million a year, but Al-Hilal insists. The Saudi club also targets Osimhen, Ederson and Theo, with the goal of delivering a team of stars to Simone Inzaghi by June 18 for the Club World Cup. Repubblica reports this. Napoli, new name for the wing Antonio Conte has clear ideas about the future Napoli: the club is ready to announce the arrival of Kevin De Bruyne at the beginning of next week. The club aims to complete the squad with seven more additions, to best face the four competitions scheduled. Today's edition of Il Mattino reports this. One of the coach's priorities is a right winger capable of providing width and coverage along the entire flank, in support of Di Lorenzo. At the top of the list is Raoul Bellanova, protagonist of a positive season with Atalanta. Purchased for 25 million, he could only leave in the face of a significant offer. Roma, Lucumí liked for defense Roma has targeted Jhon Lucumí to strengthen the defensive department, considering him a primary objective. The Colombian center-back is valued at around 20 million euros by Bologna, which has already rejected lower proposals. TMW. reports this. Advertisement However, it seems complicated that the Emilian club decides to sell both Lucumí and Beukema in the same transfer window. The next few days will be decisive to understand if there will be room for negotiation. The situation remains evolving. Lazio-Castellanos, will it be goodbye in the summer? Taty Castellanos is not among Lazio's untouchables and could leave the club in the summer. According to the club would be willing to consider offers starting from 30 million euros to reinvest for a striker with different characteristics. Castellanos himself seems to consider the idea of a change of jersey, evaluating possible alternatives. The first inquiries have come from the Premier League and Saudi Arabia, but so far without concrete developments. Only concrete proposals could start the negotiation for the farewell. Fiorentina, is Dodo's renewal complicated? Fiorentina has started contacts for the renewal of Dodo's contract, expiring in 2027, but the Brazilian full-back has not yet provided an answer. The club's proposal includes a salary adjustment only at the end of the agreement, an option that does not fully convince the player. The situation is therefore at a standstill, as Il Corriere dello Sport reports. Advertisement This uncertainty has attracted the interest of several European clubs, including Barcelona, Milan and Inter, ready to monitor the evolution of the case. In the last few hours, Juventus has also entered the race for the full-back. Dodô's future therefore remains open to possible developments. This article was translated into English by Artificial Intelligence. You can read the original version in 🇮🇹 here. 📸 Alessandro Sabattini - 2025 Getty Images
Forbes
7 days ago
- Forbes
‘Lifestyle Palace' Designer Tara Bernerd On What's Next For Luxury Hotels
Bernerd's designs effortlessly pair comfort and sophistication. You never know where you will find Tara Bernerd. The in-demand designer splits her time among Switzerland, Milan and London (where her studio is based), though she says she's usually in an airport lounge waiting for a flight to her next project. Bernerd's itineraries have included West Palm Beach, where she infused natural colors and materials into Milos, a new outpost of the upscale Greek restaurant chain; Germany, where she gave the baroque Rosewood Munich a contemporary, residential makeover; and Mexico's Riviera Maya, where she transformed Maroma, A Belmond Hotel into a stylish ode to Mexican traditions. Back in Italy, Bernerd ventured beyond hotel and restaurant interiors and into homewares, collaborating with two enduring Italian brands: Frette on a line of graphic, luxurious throws and pillows, and Medea 1905 on a capsule bedroom furniture collection. After speaking at Forbes Travel Guide's recent Monaco Summit, Bernerd sat down with us and shared why hotels are 'lifestyle palaces,' what she's working on next and how if you can't find her, she's likely in this charming Tuscan town. Bernerd helped Maroma, A Belmond Hotel, Riviera Maya elevate its look. I've traveled since I was very young. Although I was born and raised in London, most of the time we were traveling somewhere. Part of my culture was being exposed to places in Hong Kong, traveling up the Yangtze River in China, going to New York, spending huge amounts of time in Europe, particularly in Italy and Switzerland. All those things led me to be somebody with an ingrained interest. I saw how places changed. I was very aware of design as a young person, and my fascination grew. I was exposed, because of my father's own work [in property development], to many architects — Norman Foster, who I saw recently, was and is a huge mentor; the late Richard Rogers; and later in life, I became friendly with Zaha Hadid — but as a younger person, I saw these architectural triumphs. And then deep down, I guess I'm an artist. I've always drawn — I still draw. I wake up with an inherent purpose to see color and to be around it. I would say it's a combination of things. Rosewood Munich was given a contemporary makeover. When you travel, you are so exposed to hotels, and one of the things that stuck with me was, in a sense, they were the 'lifestyle palaces' of today. When you look back throughout history, some of the great, especially English, homes or a series like Downton Abbey might touch you — the ceremony, the theater, the way a home wakes up in the morning and in the evening as you draw the curtains. In the old days, you dressed in black tie, and you were served a martini. Well, that's what the hotels are doing. The ceremony, the coming together of creating these places that just sweep you to another place. I think I have always been fascinated by that. And if I could play a part in that, that is what led me through travel, through those experiences and very much since I started this business, really working towards working with hotels and hospitality. Maybe it's my calling. It's the bigger picture. Some of the bigger hotels, in the past there may have been a gym or not. Nowadays it is a simple must. You've got to have an incredible workout facility, some kind of health benefit. And now, increasingly, there's an attachment to the spas, the actual services they offer. We have to be aware of it when we're space planning right at the beginning. Are we putting that in? Where is it going to go? What is our connection to that? I am thinking about [my upcoming hotel in] Mount Fuji, which is all about nature. We can't necessarily take everyone on walks, but that relationship to indoor and outdoor is tremendously important from our side. The vistas and how we feel in a space provoke a feeling of wellness, and then throughout that I think there are many other nuances that can come in, too. Bernerd is playing an important role with the upcoming Six Senses Milan. I think human nature seeks to explore. Human nature, on the whole, has a social kind of interest. Hotels are an incredible answer to allow people to travel, to socialize, and I think for many years we will see that people are drawn to that. The future of hotels is being aware of the human touch. I know we get cleverer and cleverer with AI, but I would never underestimate this as we grow the brands and our brilliance in what can be done quickly and efficiently, especially the very high high-end luxury hotel market that's even above premium luxury. It's the understanding of the guest needs. It is tremendously important there is a human element. Then that also can transcend into our designs so that we do something that is seductive but not overbearing, that has sensitivity in the materials that we choose. So there's texture and tonality. And designing with the locale in mind — the materials, the stones being more indigenous — might allow things to sit and last the test of time. There's a lot to be said for some of the family-owned hotel businesses because they're not building at such a rate. They're constantly revisiting like home in their hotels, checking if that art goes there, maybe adding something from that family's own travels. They're not 'home from home' as such, but it goes back to my lifestyle palaces. We must always consider them really important destinations to take care of and celebrate. A relationship with Frette has blossomed into a creative marriage. We've always designed furniture and built it bespoke with the hotels and some private clients. So, designing furniture was not our first rodeo. And whilst building the Six Senses Milan, I met cousins Luigi and Andrea Tagliabue. They were very drawn to everything that I was designing. We ended up working together again when they were designing my furniture for a private client, and they were like, 'Tara, we want to build collections with you.' I said, 'Well, let's go slowly.' In Italian it's 'piano, piano.' Slowly, slowly, one step at a time. For that first step, we decided to launch with eight pieces of furniture, and we're thrilled. It's been just a total joy designing and creating this collection. Whilst I was doing that, I met Filippo Arnaboldi, the CEO of Frette. I personally shop at Frette. It's the pinnacle of all sheets and toweling. I was talking to him about my furniture collection and one thing led to another and he said, 'Why aren't you doing something with us?' It was Filippo's vision to invite me in, and my first port of call was to say again, 'Let's start slowly and build the collection.' To me, it was an opportunity to celebrate color. The collection is called 'Disrupting Architecture' because I look back at everything I've shared with you about my work, my journey, and took elements from the Chrysler Building, Port Lympne and Eltham Palace [in the U.K.], deco buildings around the world, modernism and messed up all the patterns and played with things, hence disrupting architecture. The graphics that came out felt so right. It was all about working with Frette, their legacy, the craftsmanship, the artisans who are helping produce this. The combination of all our efforts allowed us to bring the most colorful cashmeres and throws celebrating all the movement. There's a lot of energy in it. Frette is not dissimilar to Medea 1905, who, by their very own name, [have] been around 120 years. Again, you dive into working with the greatest craftsmanship and artisans. For me it was perhaps something that was always meant to be, but I've never engaged in a committed and full collaboration to these extents because you have to wait for the right marriage. And my work with Frette certainly feels like a very good marriage, and we're very excited about even the next collections that I'm designing now. Bernerd's styles will soon extend from the bedroom to homewares. We will add to our colorways now of the collection we already have, so that will come out as people get more and more used to modernism and deco. You don't have to buy it as a collection — you can integrate it with Frette's other things or even in your own home. We will launch later this year or early next year an extension of all of that — we will move in out of your bedroom and into your home with homewares. And the same with Medea, we will extend on the eight pieces. The Six Senses Milan, which will open early next year, is the most marvelous project. And I just feel so honored to be working in the heart of Italy, in Milan, the most designed savvy of cities. It's a responsibility and such a privilege, and we have really embraced the local feeling of Brera, which has got a very different vibe than other parts of Milan. It's going to be a wonderful project with a huge emphasis on wellness, some exceptional rooms and suites and a very unusual building because the windows and the views across that area are incredible and unexpected. We are starting on hotel near Mount Fuji. In the U.S., I'm really honored to be working on a project for the St. Regis in Fort Lauderdale, which frankly will be game changing. Later on, we've got Six Senses Lake Como coming and a Paris hotel. And I'm writing my second book. When she isn't working, Bernerd's dreaming about designs in Tuscany. It is about hotels. It's about experiences, living lifestyles and it's everything from what we might see in a beautiful suite that we can bring back into our own homes. It's about exploring new places, experiencing different materials. It is about the world of hotels, and it is about the world. It's traveling with me for a little bit from my eyes. There are many cities I like to visit. I really enjoy going to Stockholm, and if I go, I'll always stay at Ett Hem, which is a wonderful hotel. A friend of mine, Jeanette [Mix], designed that with a marvelous designer. I travel a lot around Italy, so one of my go-tos is a place called Forte dei Marmi [in Tuscany]. When you can't find me anywhere, you might see me there on an orange bicycle.
