Downtown Dirt

The Inside View from Jason Hughes

The Circle of Life in Downtown San Diego

on November 13, 2019

Back in the ‘80s, many considered Sandor Shapery’s proposed landmark Emerald Shapery Center a crazy proposition. But alas, he built it—and changed Downtown San Diego’s skyline forever. In the early ‘90s, Sandy was paid by his financial partner, Tokyu Corp., a substantial amount for his “position”—which Sandy parlayed into buying the former Sempra Building at 101 Ash Street. Emerald Shapery Center was promptly renamed Emerald Plaza—and went through multiple ownerships since. But now that Sandy sold 101 Ash (the City of San Diego did a lease-to-own transaction), in an effort to shelter his substantial gains over the years, Sandy is buying (back) Emerald Plaza from its current owner, Kearny Real Estate—and is scheduled to close in mid-December. Congratulations to Sandy!

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About this Author

Jason Hughes

Jason Hughes is chairman and CEO of Hughes Marino, an industry-leading commercial real estate firm that exclusively represents tenants and buyers. Jason has written well over 100 articles, is a real estate resource for the Wall Street Journal, and has been profiled in dozens of local and regional publications. Jason is a pioneer in the field of tenant representation, and has been a vocal advocate for the interests of commercial tenants for more than two decades.

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