Armory Sold For $65M; To Be Converted For Offices, Manufacturing [Updated]

Armory Sold For $65M; To Be Converted For Offices, Manufacturing [Updated]
The Armory. | Photo: Armory Studios
By Carrie Sisto - Published on February 07, 2018.

[Update: 2/8/18, 12:50pm] The San Francisco Chronicle has reported that new owner SF Armory LLC intends to revamp the building for local manufacturing companies, "with the exception of the top two floors, which the investment group hopes to convert to office space."

Supervisor Hillary Ronen told the paper that the owners "promised me that they were not opening a SoHo house," and were instead planning to utilize its production, distribution and repair zoning to attract commercial tenants.

Although currently booked concerts and events will take place, the new owners plan to discontinue the Armory's use as an entertainment venue.

The Armory, a National Guard building that later served as a BDSM porn studio, has been sold to a Chicago-based investment fund, according to reporting by the San Francisco Business Times.

According to the paper, a recently filed deed indicates that the property at the corner of Mission and 14th streets has been sold for $65 million to SF Armory LLC, a company affiliated with Benjamin Weprin, also CEO of AJ Capital Partners.

Weprin's investment fund also backed the development of Soho House Chicago, a hotel and membership club that provides lodging, spa services, food and drink, and other amenities.

The Armory's Hogtide room. | Photo: Larissa Runkle/Hoodline

With 18 properties in Europe and North America, including Malibu and West Hollywood in California, the chain markets itself as a "private members club for people in the creative industries.

There is still an outstanding liquor license transfer application by kink.com CEO Peter Acworth for the licenses formerly held by the 3300 Club, which closed in 2016 after a fire gutted its building. 

Acworth acquired the Armory in 2007 for $14.5 million; a short while later, his production company began using the building as a video production facility.

Kink ended its filming business at the Armory in January 2017 and has since been using the space for events and concerts, while still offering tours of the historic building. 

The SFBT originally reported the sale in November, but it was denied by all parties involved. No comment has been made to deny or verify the new claims at this time.