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Korea’s MDM Backed Gaw San Francisco, Tokyo Buys – Mingtiandi

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Korea’s MDM Backed Gaw San Francisco, Tokyo Buys – Mingtiandi


North Park San Francisco

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.

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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.

Jinseong Kim MDMJinseong Kim MDM

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.

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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.

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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.



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San Francisco, CA

San Francisco firefighters to retire uniforms linked to cancer

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San Francisco firefighters to retire uniforms linked to cancer


San Francisco firefighters are finally getting the protective gear they were promised after years’ long research revealed certain chemicals used in traditional firefighter uniforms can cause cancer.

“What none of us could have known is that some of the very gear designed to protect us was quietly harming us,” said San Francisco Fire Chief Dean Crispen, who spoke alongside dozens of first responders on Thursday as he announced the city’s $3.6 million plan to provide protective equipment to all frontline firefighters by the end of the year.  “This is a joyous occasion for our city.”

San Francisco Fire Chief Dean Crispen was flanked by the mayor, state and local lawmakers, and dozens of first responders on Thursday when detailing the city’s plans to provide new, non-PFAS uniforms to frontline firefighters across San Francisco.

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The San Francisco fire department, the tenth largest in the nation, has already distributed the redesigned gear to about 80 of its firefighters and hopes to have all 1,100 of its new uniforms in use within the next three weeks – that’s enough protective equipment to provide one uniform to each of the city’s frontline firefighters.  While city leaders hope to eventually purchase a second set of gear, San Francisco firefighters will, for now, need to wash their new gear before returning to work or continue to rely on their old uniform as a backup.

“Public safety relies on the people who stand between danger and our residents,” Mayor Lurie told the crowd during Thursday’s announcement.  “Firefighter health must always be at the center of our decisions.”

San Francisco’s efforts stem from a first-in-the-nation ban that local lawmakers passed last year, which requires the city to outfit firefighters with new uniforms by July 2026. Over the years, studies have shown the jackets and pants firefighters across America have long relied on to keep safe during emergencies are made with materials proven to cause cancer. 

These so-called “PFAS” materials, often referred to as ‘forever chemicals’ because of their reluctance to breakdown, have long been used to bolster the reliability of firefighter clothing by helping to repel flammable liquids and reduce temperatures, even in extreme heat.  Researchers, however, have found the compounds to be harmful when absorbed through skin. While the precise level of PFAS exposure for firefighters and the associated health risks are still being studied, the compounds have been linked to cancer and other negative health effects impacting cholesterol levels and the immune system, according to the Centers for Disease Control and Prevention (CDC).

PFAS aside, the inherit health risks of firefighting, including prolonged exposure to smoke and ash, led the World Health Organization to deem the occupation a “carcinogen.”  Yet, some fear the very safety uniforms firefighters have come to rely on for protection could also be making them sick. 

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Female firefighters in San Francisco are six times more likely to develop cancer compared to the national average, according to the San Francisco Firefighters Cancer Prevention Foundation.

Female firefighters in San Francisco are six times more likely to develop cancer compared to the national average, according to the San Francisco Firefighters Cancer Prevention Foundation.

In San Francisco, female firefighters have a six times higher rate of breast cancer than the national average, according to the San Francisco Firefighters Cancer Prevention Foundation. More than 400 firefighters in San Francisco have been lost to cancer over the past 20 years, according to the city’s fire department.

“The cost of inaction is measured in funerals,” said Stephen Gilman, who represents the local chapter of the International Association of Fire Fighters (IAFF). “The reward of action is measured in lives saved.”


The cost of inaction is measured in funerals.

Stephen Gilman, International Assoc. of Fire Fighters (IAFF)


While materials laced with PFAS have been shown to pose safety risks, so has fire gear that has been manufactured without it.  Last year, the NBC Bay Area Investigative Unit reported on research from North Carolina State University that found non-PFAS fire equipment to be less breathable and more flammable than traditional uniforms made with PFAS.

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“We don’t want to just trade one hazard for another,” Dr. Bryan Ormand told the Investigative Unit back in May 2024.  “We’re introducing a potential hazard for flammability on the fire scene where firefighters didn’t have that before.”

The San Francisco Board of Supervisors is scheduled to vote Tuesday on a city-wide ban of what are known as ‘PFAS’ or ‘forever chemicals,’ but replacement options still aren’t widely available and those that are seem be raising new safety concerns. Senior Investigator Bigad Shaban reports.

Milliken & Company, the textile firm that made the material for San Francisco’s latest uniforms, said the new type of gear “meets or exceeds” all industry standards for “breathability and thermal protection.” 

“We refused to trade one hazard for another,” Marcio Manique, senior vice president and managing director of Milliken’s apparel business, noted in a written statement.

“It meets the strictest performance standards without adding weight or compromising breathability – giving firefighters exactly what they asked for.”

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We refused to trade one hazard for another

Marcio Manique, senior vice president and managing director of Milliken’s apparel business


In San Francisco, the new gear underwent a 90-day test trial with 50 of the city’s own firefighters.

“What we did was we actually went through a really comprehensive testing process,” Chief Crispen told the Investigative Unit.  “It went to the lab and received testing and everything came back great, so we feel strongly about this product.”


Contact The Investigative Unit

submit tips | 1-888-996-TIPS | e-mail Bigad

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Gas explosion in San Francisco Bay Area damages homes, sends heavy smoke into air

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Gas explosion in San Francisco Bay Area damages homes, sends heavy smoke into air


SAN FRANCISCO — A gas explosion started a major fire in a San Francisco Bay Area neighborhood on Thursday, damaging several homes and sending heavy smoke into the air.

Local outlets said there are possible injuries from the Hayward explosion.

A spokesperson with Pacific Gas & Electric Co. said a construction crew damaged an underground gas line around 7:35 a.m. The company said it was not their workers.

Utility workers isolated the damaged line and stopped the flow of gas at 9:25 a.m., PG&E said. The explosion occurred shortly afterward.

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San Francisco restaurant removes tip from check, adds stability for workers

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San Francisco restaurant removes tip from check, adds stability for workers


It’s another packed night at La Cigale in San Francisco, where chef Joseph Magidow works the hearth like a conductor, each dish part of a high-end Southern French feast for the fifteen diners lucky enough to score a front-row seat. 

It feels like the beginning of any great night out, until you realize this restaurant has quietly removed the part of dining that usually causes the most indigestion.

“You get to the end and all of a sudden you have this check and it’s like a Spirit Airlines bill where it’s like plus this plus plus that,” Magidow said.

So La Cigale made a rare move: they “86ed” the surprise charges, restaurant-speak for taking something off the menu. Dinner here is all-inclusive at $140 per person, but with no tax, no tip, no service fees. Just the price on the menu and that’s the price you pay.

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“There’s no tip line on the check. When you sign the bill, that’s the end of the transaction,” Magidow said. 

Though still rare, across the country, more restaurants are test-driving tip-free dining, a pushback against what many now call “tip-flation.” A recent survey found 41% of Americans think tipping has gotten out of control.

La Cigale customer, Jenny Bennett, said that while she believes in tipping, she liked the idea of waiters being paid a fair wage. 

“Everywhere you go, even for the smallest little item, they’re flipping around the little iPad,” she said. 

At La Cigale, servers make about $40 an hour whether the night is slow or slammed. The upside is stability. The downside? No big-tip windfalls. 

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But for server and sommelier Claire Bivins, it was a trade she was happy to take.

“It creates a little bit of a sense of security for everyone and definitely takes a degree of pressure off from each night,” she said. 

The stability doesn’t end there. La Cigale offers paid vacation, a perk most restaurant workers only dream of.

For Magidow, ditching tips also means leaving behind a system rooted in America’s painful past.

“It was a model that was created to take former enslaved people, who many of them went into the hospitality industry, after slavery and put them in a position where they are still being controlled by the guest.”

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And as for the bottom line? It hasn’t taken a hit. 

“It seems like everyone is leaving happy,” Magidow said. “That’s really all we can hope for.”



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