Project Uris Pays $19.6 Million for Two Union Square Buildings, Lifting San Francisco Portfolio to Seven

The buyer has now assembled roughly $50 million in office and retail properties near the downtown plaza.

By the Family Office Real Estate Daily Desk·Monday, November 9, 2026·1 min read

Editorial summary of reporting bynews.theregistrysf.com Our editorial standards →

The answer · checked against news.theregistrysf.com

What did Uris Acquisitions pay for 47 Kearny Street and 165 Post Street in San Francisco's Union Square?

Uris Acquisitions, the Union Square buying vehicle of Ian Jacobs and Max Raskin, paid a combined $19.6 million for two family-held office and retail buildings at 47 Kearny Street and 165 Post Street in San Francisco. The purchase lifts the firm's local portfolio to seven buildings acquired for roughly $50 million. The two properties total 75,000 square feet.

Key facts

Uris Acquisitions paid a combined $19.6 million for 47 Kearny Street and 165 Post Street in San Francisco's Union Square, according to The Registry.
The two buildings acquired by Uris Acquisitions total 75,000 square feet of office and retail space, according to The Registry.
Uris Acquisitions is the Union Square buying vehicle of Ian Jacobs and Max Raskin, according to The Registry.
The two sellers of 47 Kearny Street and 165 Post Street were family-held owners, according to The Registry.
The purchase of 47 Kearny Street and 165 Post Street lifts Uris Acquisitions' San Francisco portfolio to seven buildings acquired for roughly $50 million, according to The Registry.
Colliers is named in connection with the transaction, according to The Registry.

Project Uris Pays $19.6 Million for Two Union Square Buildings, Lifting San Francisco Portfolio to Seven — Image: editorial illustration · Story sourced from news.theregistrysf.com

Uris Acquisitions paid $19.6 million for two office and retail buildings at 47 Kearny Street and 165 Post Street in San Francisco's Union Square, the firm said. The purchase lifts the buyer's local portfolio to seven buildings acquired for roughly $50 million.

The two properties total 75,000 square feet. Both were previously held by families, according to the Registry.

Uris Acquisitions is the Union Square buying vehicle of Ian Jacobs and Max Raskin. The firm has been assembling a portfolio of office and retail assets near the downtown plaza.

The acquisition brings the firm's total investment in the submarket to approximately $50 million across seven properties. The all-in cost for the two latest buildings works out to roughly $261 per square foot.

Union Square has faced elevated vacancy in recent years as office tenants have consolidated and retail foot traffic has remained below pre-pandemic levels. The submarket sits at the heart of San Francisco's central business district.

The seller in each transaction was a family that had held the building for an extended period. Neither family was named in the announcement.

The Deployment Angle

Family Office Real Estate Daily Desk · our analysis, not the source's

Direct ownership via a separate account is the cleanest route for a family office looking to replicate this strategy. The $19.6 million cheque size on two buildings fits comfortably within a single-family allocation, and the $50 million cumulative portfolio suggests the sponsor is building scale without needing programmatic capital from an institutional LP. A co-GP structure would dilute control over asset selection and exit timing, which matters when assembling a concentrated geographic bet.

The arithmetic is straightforward. At $261 per square foot all-in, the buyer is acquiring stabilised Union Square office-retail for roughly one-fifth of replacement cost. If the buildings carry typical San Francisco retail-office rents of $60 to $80 per square foot triple-net on the ground floor and $40 to $50 on upper floors, the gross yield at 70 percent occupancy runs 12 to 16 percent before debt service. That leaves room for a 60 percent loan-to-value at today's rates and still clears a mid-teens unlevered return if leasing holds.

Underwrite for three years of negative absorption before stabilisation. Union Square vacancy has trended higher as anchor tenants have departed, and any new lease will require tenant improvement dollars the seller did not capitalise. Price in $30 to $50 per square foot for repositioning—new HVAC, updated lobbies, and flexibility for smaller retail tenants who can afford the rent but not a flagship footprint. The risk is that foot traffic does not recover and the buildings sit dark while carrying costs compound.

Avoid platform capital alongside a sponsor chasing this trade at scale. The portfolio approach works only if the operator has local leasing relationships and can move quickly on distressed family sales before they reach the broader market. A family office writing a $20 million cheque directly controls those relationships and can decide building by building whether to hold or flip. A blind commitment to a commingled fund loses that optionality and pays a layer of fees for someone else's market timing.

Questions this story answers

01Who is behind Project Uris and what have they bought in San Francisco?

Project Uris is the operating name for Uris Acquisitions, the Union Square buying vehicle of Ian Jacobs and Max Raskin. The entity has acquired seven buildings in San Francisco for roughly $50 million in total, including the most recent purchase of 47 Kearny Street and 165 Post Street for a combined $19.6 million, according to The Registry.

02What did Uris Acquisitions pay for 47 Kearny Street and 165 Post Street?

Uris Acquisitions paid a combined $19.6 million for the two properties at 47 Kearny Street and 165 Post Street in San Francisco's Union Square. The buildings total 75,000 square feet and were previously family-held, according to The Registry.

03How large is the Uris Acquisitions San Francisco portfolio after this deal?

Following the acquisition of 47 Kearny Street and 165 Post Street, Uris Acquisitions holds seven buildings in San Francisco acquired for roughly $50 million in total, according to The Registry.

04What types of properties has Uris Acquisitions been buying near Union Square?

Uris Acquisitions has been acquiring office and retail buildings near San Francisco's Union Square, according to The Registry. The two most recent purchases at 47 Kearny Street and 165 Post Street are described as family-held office and retail buildings totaling 75,000 square feet.

05Who were the sellers of 47 Kearny Street and 165 Post Street in San Francisco?

The sellers of 47 Kearny Street and 165 Post Street were family-held owners, according to The Registry. No further identification of the sellers is provided in the source.

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Original reporting

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