San Francisco, CA
Korea’s MDM Backed Gaw San Francisco, Tokyo Buys – Mingtiandi
North Park MDM is reported to have backed Gaw Capital Partners’ acquisition of North Park in San Francisco
In recent months Korean investors have been reported to have lost as much as 70 percent on US office investments made before the pandemic, but institutions from the home of BTS and Blackpink may still be open to new opportunities in the land of freedom, with a Seoul-based asset manager recently coming out as having backed Gaw Capital Partners acquisition of a San Francisco office project late last year.
MDM Asset Management said earlier this month that it is a co-investor in Gaw Capital Partners’ $90 million October acquisition of the North Park campus on the Embarcadero waterfront from Blackstone, with the firm explaining the deal as part of an overseas expansion plan.
“We are investing in creating new markets, looking beyond the immediate crisis to the distant future,” MDM International chief executive Kim Jae-chan, told local media. “We will selectively invest in various global partnerships and overseas high-quality assets, considering the economic downturn as an opportune time for investment.” Gaw Capital had not responded to inquiries from Mingtiandi by the time of publication.
Showing a taste for opportunistic deals, MDM also backed Gaw Capital’s $409.3 million joint acquisition of the Hyatt Regency Tokyo hotel with KKR in March last year, the Korean firm said, as that property’s owner, transportation giant Odakyu Electric Railway, continues to reel from the impact of the pandemic.
Digging into Discounts
In San Francisco, Gaw and MDM achieved around a two-thirds discount when acquiring the low-rise commercial complex, compared to the $245 million that Blackstone had paid to buy the property from Gaw Capital in 2018. In speaking to Korean media, MDM described the investment as a vote of confidence in San Francisco’s resiliency.

MDM International chief executive Richard Kim Jae-chan
“Given the excellent surrounding environment and the city’s ability to swiftly overcome global financial crises, it is a preferred location for information technology companies and investment firms,” MDM said, expecting the asset to overcome the challenges of the global market thanks to its location
Office vacancy in San Francisco has climbed for 15 straight quarters with more than 30 percent of Grade A space in the city left unoccupied at the end of September, which was up by 25 percentage points from the end of 2019, according to a report from JLL.
MDM’s belief in the US market comes despite its compatriots at Mirae Asset Global Investments having reportedly taken a 30 percent haircut last October when they sold a four building office complex in Dallas for $580 million. A Mirae US real estate fund which matured in May of this year is said to have lost 70 percent of its value as its office bets went bad.
Together in Tokyo
In Japan, MDM backed Gaw Capital’s investment in the 746-room Hyatt Regency, with the Korean firm describing the deal as an opportunity to profit from financial disruption in the wake of COVID-19.
“During the pandemic, many Japanese corporations faced liquidity issues, which led to the Hyatt Regency Hotel being offered for sale at a discounted price. With the relaxation of epidemic measures and increase in tourism with trends like ‘revenge travel’, it was a good opportunity to invest in undervalued assets during the COVID crisis. Since the hotel has aged, we plan on doing interior renovations over the next two years before reselling,” a representative from MDM told local media.
Odakyu Electric Railway, one of Japan’s largest travel companies, described the sale of the 71,512-square-metre luxury hotel as part of a larger effort to restore the company’s financial health and restructure its business portfolio after the pandemic.
Situated next to Shinjuku Central Park and the Tokyo Metropolitan Government Building, the Hyatt Regency’s new owners are said to have plans to upgrade the 1980-vintage building.
MDM, which has a development business which had supplied 22,775 residential units across Korea as of February 2022, also teamed up with Gaw Capital to make its first overseas acquisition in 2017 when it invested in the Hong Kong company’s third US fund.
Familiar with Korean Capital
In addition to the partnership with MDM, in 2022 Gaw Capital worked with Gangnam-based private equity firm IMM Investment to invest in Dreammark1, a data centre operator in Seoul.
In October 2018, Gaw Capital, Korean Teachers’ Credit Union and other Asian investors agreed to acquire the 4 and 5 Harbour Exchange on London’s Isle of Dogs for £36.2 million.
Gaw Capital teamed with Korean sovereign wealth fund KIC to acquire Hong Kong’s Intercontinental Hotel for $938 million in 2015, with the partners having since reopened that 503-room Kowloon property under the Regent brand.
San Francisco, CA
Watch Bob Weir Perform ‘Touch of Grey’ with Dead and Co. at His Final Live Appearance
The music world was busy mourning David Bowie on the 10-year anniversary of his death on Saturday when the devastating word hit that we lost another icon of almost indescribable significance to rock history: Bob Weir.
“He transitioned peacefully, surrounded by loved ones, after courageously beating cancer as only Bobby could,” the Weir family wrote in a public statement. “Unfortunately, he succumbed to underlying lung issues.”
The road was Weir’s home from the moment the Grateful Dead formed in 1965 all the way through last summer. His projects outside the Grateful Dead included RatDog, Furthur, Bob Weir and Wolf Bros, and Dead & Company. At almost any given time, he had shows on the books with at least one of them.
“The interesting thing is, I’ve never made plans,” he told Rolling Stone‘s Angie Martoccio last March. “And I’m not about to, because I’m too damn busy doing other stuff, trying to get the sound right, trying to get the right chords, trying to get the right words, trying to get all that stuff together for the storytelling. And really, making plans seems like a waste of time. Because nothing ever works out like you expected it to, no matter who you are. So why bother?”
Dead & Co. wrapped up a farewell tour in July 2023, but they continued to play residencies at Sphere in Las Vegas throughout 2024 and 2025. And they came together one last time in August 2025 for three shows in San Francisco’s Golden Gate Park to celebrate the Grateful Dead’s 60th anniversary. Throughout the three evenings, they were joined by Billy Strings, Trey Anastasio, Grahame Lesh, and Sturgill Simpson.
These were joyous concerts filled with Deadheads from around the globe, but Weir was holding a secret: He was diagnosed with cancer weeks earlier, and had just started treatment. “Those performances, emotional, soulful, and full of light, were not farewells, but gifts,” the Weir family wrote. “Another act of resilience. An artist choosing, even then, to keep going by his own design.”
The final night wrapped up with “Touch of Grey,” perhaps the most famous tune in the Dead songbook. Weir sang lead, and the band stretched it out for nearly eight minutes. At the end, Weir took a group bow with the full band, waved to the crowd, and then took a special bow with Mickey Hart, the only other original member of the Dead in Dead & Co., before they walked off together. It was his final live appearance.
“There is no final curtain here, not really,” wrote the Weir family. “Only the sense of someone setting off again. He often spoke of a three-hundred-year legacy, determined to ensure the songbook would endure long after him. May that dream live on through future generations of Dead Heads. And so we send him off the way he sent so many of us on our way: with a farewell that isn’t an ending, but a blessing. A reward for a life worth livin’.”
It’s way too early to seriously contemplate the future of Dead & Co., but it’s somewhat hard to imagine them continuing outside of a tribute concert to Weir. He was the heart and soul of the group.
That said, Weir himself once said he hoped to see the band outlive him. “I had a little flash while we were playing one night,” Weir told Rolling Stone‘s David Fricke in 2016. “It was toward the end of the tour. I don’t remember what city it was in. We were getting into the second set, setting up a tune. We were all playing, but the tune hadn’t begun yet. We were all feeling out the groove, just playing with it. Suddenly I was 20 feet behind my own head, looking at this and kind of happy with the way the song was shaping up. I started looking around, and it was 20 years later. John’s hair had turned gray. Oteil’s had turned white. I looked back at the drummers, and it was a couple of new guys. I looked back at myself, the back of my head, and it was a new guy. It changed my entire perception of what it is we’re up to.”
The members of Dead & Co. will ultimately make the call. And no matter what happens, Grateful Dead music will continue to live on concert stages for decades and decades to come. They are responsible for a significant chapter of the Great American Songbook.
San Francisco, CA
San Francisco Bay Ferry fleet brings back live music after 25 years
SF Bay Ferry brings back live music after 25 years
the theme was tides and tunes on the San Francisco Bay Ferry on Friday night. The Richmond line commuters were serenaded with a free concert. It’s an experience other riders may not have to wait too long to enjoy.
SAN FRANCISCO – East Bay ferry commuters on Friday got some very special surprises during their evening commutes on one San Francisco Bay Ferry line. Soon, other commuters on other lines may get the same treatment.
Sweet, soothing music
Beyond the beautiful views and cocktails, folks who took the ferry between San Francisco and Richmond on Friday evening got an extra treat; something they haven’t done in more than two decades: live music.
Lolah, a San Jose solo artist and band member, sang songs for fans and Friday commuters to their surprise and delight. “I think it’s very entertaining after a long day at work, and it makes the ferry really enjoyable compared to BART,” said commuter John Schmidt.
Jess Jenkins read about it online. “It’s a little bit out of my way. Yeah, but I was excited to try and check out the live music on the ferry. I think making public transit attractive to use is like, yeah, great for everybody,” said Jenkins. “Fantastic. I mean this is the most beautiful city in the world, sunset, a little music. What more could you want in the world?” said passenger Josh Bamberger.
Commuter and artist Marco Sorenson sketched Lolah. “It’s great. This was a real surprise tonight, fascinating; on the boat anyway, so this adds a little extra,” said Sorenson.
The singer loves her art and audiences. It’s an opportunity for musicians like me because we want to go out there and share your work, your art. So you feed on the energy from the audience and the audience feeds from the energy from you,” said Lolah who books her gigs through Lolahentertainment.com.
Bay ferries had music before
Twenty-five years ago, before the dot-com crash, it was a spontaneous twice-a-month Friday event. “It was just a group of enthusiastic ferry riders from Oakland that put it all together. So, it gathered a following. People would come, get on the boat and just never get off the boat, just continuously two round trips, and we were grateful for it,” said three-year SF Bay Ferry Captain Tim Patrick.
Ultimately, it interfered with the evening commute. “And then we kind of put a stop to it because it became too successful,” said Caprain Patrick.
This time, SF Bay Ferry itself is sponsoring even to bolster ridership at commute time as well as on weekends. “We’re definitely kind of testing the waters, experimenting with what we’re able to do in a venue such as the ferries; beautiful and scenic,” said SF Bay Ferry spokesperson Teo Saragi.
What’s next:
On Friday, January 16, entertainment will be provided by a DJ between the city and Vallejo.
The Friday after, Lolah returns. “We’re also in the process of brainstorming potential trivia nights or comedy nights,” said spokesperson Saragi.
What was successful 25 years ago, could become successful again on a much bigger ferry system with a lot more lines, because people love live music, they love the ferries; throw in a cocktail and call it a party.
San Francisco, CA
San Francisco mayor says he convinced Trump in phone call not to surge federal agents to city
San Francisco Mayor Daniel Lurie told CBS News Friday that he was able to convince President Trump in a phone call several months ago not to deploy federal agents to San Francisco.
In a live interview with “CBS Evening News” anchor Tony Dokoupil, Lurie, a moderate Democrat, said that the president called him while he was sitting in a car.
“I took the call, and his first question to me was, ‘How’s it going there?’” Lurie recounted.
In October, sources told CBS News that the president was planning to surge Border Patrol agents to San Francisco as part of the White House’s ongoing immigration crackdown that has seen it deploy federal immigration officers to cities including Los Angeles, Chicago, New Orleans and most recently, Minneapolis.
At the time, the reports prompted pushback from California officials, including Lurie and California Gov. Gavin Newsom.
However, shortly after that report, Mr. Trump announced that he had called off the plan to “surge” federal agents to San Francisco following a conversation with Lurie.
“I spoke to Mayor Lurie last night and he asked, very nicely, that I give him a chance to see if he can turn it around,” the president wrote in a Truth Social post on Oct. 23. The president also noted that “friends of mine who live in the area called last night to ask me not to go forward with the surge.”
“I told him what I would tell you,” Lurie said Friday of his October call with Mr. Trump. “San Francisco is a city on the rise, crime is at historic lows, all economic indicators are on the right direction, and our local law enforcement is doing an incredible job.”
Going back to the pandemic, San Francisco has often been the strong focus of criticism from Republican lawmakers over its struggles in combatting crime and homelessness. It was voter frustration over those issues that helped Lurie defeat incumbent London Breed in November 2024.
Lurie, however, acknowledged that the city still has “a lot of work to do.”
“I’m clear-eyed about our challenges still,” Lurie said. “In the daytime, we have really ended our drug markets. At night, we still struggle on some of the those blocks that you see.”
An heir to the Levi Strauss & Co. fortune, Lurie also declined Friday to say whether he supports a proposed California ballot initiative that would institute a one-time 5% tax on the state’s billionaires.
“I stay laser-focused on what I can control, and that’s what’s happening here in San Francisco,” Lurie said. “I don’t get involved on what may or may not happen up in Sacramento, or frankly, for that matter, D.C.”
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