Union Square is one of the most exclusive shopping districts in the United States. On par with North Michigan Avenue in Chicago, Rodeo Drive in Beverly Hills and Fifth Avenue in New York, Union Square has experienced a surge in demand that has resulted in a scarcity of ground floor retail space and record market rents. One Stockton is located on a high-visibility corner at the intersection of Stockton, Market and Ellis Streets and the building's neighbors include Planet Hollywood, a Virgin Records Megastore, Macy's and Nordstrom. Excellent window exposure combined with an expansive 24'-6" ceiling on the second level, made One Stockton an ideal target for high-profile retail redevelopment.
In 1997, Amerimar purchased the property for $7 million, approximately $419 per square foot. Although the building was 100% leased to a bank and three small retail tenants, the property's full potential had not been realized. Amerimar vacated, redeveloped and leased the entire property. Over $4 million was spent to transform the building into what is there today, class AA high-end retail. The building was under a long term lease with Sephora, guaranteed by parent, Moët Hennessy Louis Vuitton.

The property was sold in 1999 for a significant profit.