The building was designated an official San Francisco Landmark on August 2, 1981.
The Hibernia Savings and Loan Society left the building in 1985, and was acquired by Security Pacific Bank in 1988. Security Pacific Bank itself was acquired by Bank of America in 1992.
The building at 1 Jones Street was used by the San Francisco Police Department beginning in the 1990s as the location for their Tenderloin Task Force, until 2000, when the Tenderloin Police Station was completed. The building was then purchased by an out-of-town investor. Eight years later, with the building vacant, it was bought by a local real estate investor for $3.95 million, despite the attempts of a consortium of organizations to create a cultural arts center there, including museums dedicated to radio and music. The new owner spent some time looking for a single tenant for the building's 42,000 square feet (3,900 m2) of space, but it remained vacant. By 2013. the building was marred by graffiti and the sidewalk in front of it was often the site of drug sales and public urination, but in early 2016, the building received a $15 million renovation and restoration, along with earthquake-retrofitting.
In 2017, not having found a tenant who would take the entire building, the building was re-branded as "One Jones", and began to be subdivided for tenants needing smaller amounts of space. The successful redevelopment of the building is seen as important for the revitalization of the Tenderloin as a neighborhood.
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