A low-rise office building in Union Square at the corner of Post and Kearny streets has traded for the first time in at least four decades.
Uris Acquisitions, led by Ian Jacobs and Max Raskin, purchased the eight-story building at 47 Kearny Street for $4.2 million, or close to $150 per square foot, The Real Deal has learned. Spanning 28,660 square feet, the property is 89 percent leased, according to Colliers' Julie Taylor, who represented Uris in the transaction along with Darren Kuiper. Uris declined to comment.
The seller was K & H California LLC, which is tied in state business records to David Gronowski. The entity also owns 165 Post Street, a 46,315-square-foot office building located across the street from 47 Kearny, according to property records.
Uris has been on a tear in San Francisco over the last couple of years, TRD has previously reported , snatching up distressed commercial properties throughout the city under its so-called Project Uris initiative. Jacobs — a descendant of the Reichmann real estate family — announced in 2024 that he and Raskin planned to acquire 3 million square feet of assets in San Francisco through a $75 million investment vehicle.
Their Union Square shopping spree has included buying the three-story Art Moderne building at 200 Powell Street for $7.4 million, 35 Powell Street for $7.5 million and 111 Ellis Street for $7.8 million, to name a few.
Not including this latest trade, seven buildings have sold in the last 12 months along the Post Street corridor, according to Taylor, who said "these opportunities are very rare and extremely sought after (with) multiple offers and very, very competitive bidding."
Taylor said she's noticed an uptick in investors eyeing Union Square's price reset following its pre-pandemic peak and subsequent downfall , which saw an exodus of retailers and a wave of foreclosures . More recently, the high-end shopping and office hub has started to bounce back as the city at large is in the middle of an AI-driven boom with positive momentum trickling through submarkets across office and residential sectors.
"We've never seen a market like this where there's frankly a reset of values and an opportunity for buyers to capitalize on the changing trajectory of Post Street, as well as the abundance of retailer interest we have, while at the same time institutional owners who purchased at the peak of the cycle have had to let go," Taylor said.
Private investors have felt the effects as well. In July, TRD reported on Ashkenazy Acquisitions' default on a $40 million loan tied to two Union Square properties at 1 Grant Avenue and 156 Geary Street.
"Because of the shakeout, we have a situation where Post Street is being entirely repainted with new retailers from block to block," Taylor said, noting that previously, the underwriting on many deals at the peak became impossible to achieve, leaving properties "sitting on the sidelines until the values could be reset and they could be leased at a rent that made sense."
Retailers are also putting on their investor hats. Earlier this week, LVMH, the French parent company behind Louis Vuitton and Dior, purchased 220 Post Street for $48 million in what Taylor described as the "strongest affirmation you could imagine" for Union Square's comeback.
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This article originally appeared on The Real Deal. Click here to read the full story.
