Key Takeaways
- • Prologis CEO Hamid Moghadam was robbed at gunpoint on June 26 outside his $15 million Pacific Heights home in San Francisco; thieves stole a Patek Philippe watch in a 30-second incident.
- • Moghadam characterized San Francisco as "probably the most dysfunctional city in America" and stated that crime levels are "absolutely unacceptable," signaling potential corporate relocation risk for the world's largest industrial landlord.
- • San Francisco recorded 1,307 robbery cases year-to-date in 2022, representing a 3.6% increase compared to the same period in 2021, though still below 2019 pre-pandemic levels of 1,554 incidents.
- • Despite strong criticism and the traumatic nature of the incident—which has reportedly caused his wife ongoing nightmares—Moghadam stated he remains committed to the city where Prologis was founded 40 years ago.
- • The robbery and CEO's public statements underscore broader concerns about San Francisco's crime surge and business environment, occurring amid a recent change in district attorney leadership following the June recall of DA Chesa Boudin.
Summary
Prologis CEO Hamid Moghadam became the latest high-profile victim of San Francisco's crime wave when two armed men robbed him at gunpoint outside his home in the upscale Pacific Heights neighborhood on June 26. The assailants, wearing hooded sweatshirts, approached Moghadam as he returned from a Stanford trip and completed the robbery in approximately 30 seconds, stealing his Patek Philippe watch—a luxury timepiece that Moghadam noted has become a frequent robbery target.
The incident prompted a forceful public response from the real estate executive. In an exclusive interview with the San Francisco Business Times, Moghadam declared that San Francisco is "probably the most dysfunctional city in America" and told Mayor London Breed and city officials that the level of crime, "including violent behavior, has become absolutely unacceptable." He warned that if public safety conditions do not improve substantially, relocation of Prologis's headquarters would not be a difficult decision, despite the company's 40-year history in the city.
Crime data underscores the deteriorating public safety environment. According to Bloomberg citing San Francisco Police Department records, the city recorded 1,307 robbery cases through July 2022, a 3.6% increase from the same year-to-date period in 2021, though the current level remains below 2019's 1,554 incidents. The broader crime surge has been exacerbated by pandemic-related factors and shifts in prosecution priorities under previous district attorney leadership.
The robbery and Moghadam's criticism arrive amid significant changes in San Francisco's law enforcement leadership. New District Attorney Brooke Jenkins took office following the June recall of predecessor Chesa Boudin, pledging a renewed focus on public safety and crime reduction. Moghadam's statements carry particular weight given Prologis's status as the world's largest industrial landlord and a major San Francisco-based employer, making the CEO's continued commitment to the city—despite his sharp rhetoric—a qualified signal of cautious confidence in near-term improvements.
The incident prompted a forceful public response from the real estate executive. In an exclusive interview with the San Francisco Business Times, Moghadam declared that San Francisco is "probably the most dysfunctional city in America" and told Mayor London Breed and city officials that the level of crime, "including violent behavior, has become absolutely unacceptable." He warned that if public safety conditions do not improve substantially, relocation of Prologis's headquarters would not be a difficult decision, despite the company's 40-year history in the city.
Crime data underscores the deteriorating public safety environment. According to Bloomberg citing San Francisco Police Department records, the city recorded 1,307 robbery cases through July 2022, a 3.6% increase from the same year-to-date period in 2021, though the current level remains below 2019's 1,554 incidents. The broader crime surge has been exacerbated by pandemic-related factors and shifts in prosecution priorities under previous district attorney leadership.
The robbery and Moghadam's criticism arrive amid significant changes in San Francisco's law enforcement leadership. New District Attorney Brooke Jenkins took office following the June recall of predecessor Chesa Boudin, pledging a renewed focus on public safety and crime reduction. Moghadam's statements carry particular weight given Prologis's status as the world's largest industrial landlord and a major San Francisco-based employer, making the CEO's continued commitment to the city—despite his sharp rhetoric—a qualified signal of cautious confidence in near-term improvements.
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