Project Uris Acquires Two San Francisco Commercial Sites
The firm now holds seven buildings in Union Square as it bets on a retail comeback for the district.
Updated on Oct. 28, 2026 in Commercial
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Investment vehicle Project Uris has acquired two commercial properties in San Francisco's Union Square for $15.4 million. The firm now holds seven buildings in the area as part of its strategy to purchase undervalued real estate.
Why it matters
The firm is targeting buildings with ground-floor retail and office space to capitalize on a projected recovery in Union Square. This acquisition effort is driven by the founders' belief that the area will see a halo effect from recent luxury retail investments.
Project Uris spent $15.4 million on two recent acquisitions, bringing its total real estate spending in San Francisco to $46 million. This follows $75 million in total capital raised for the firm's portfolio of seven buildings.
The players
Project Uris
An investment vehicle that manages a portfolio of seven San Francisco commercial properties featuring retail and office space.
Ian Jacobs
A co-founder of the investment firm Project Uris who has overseen $46 million in commercial real estate acquisitions since 2023.
Max Raskin
A co-founder of Project Uris and a member of the board of Golden Gate University who focuses on acquiring undervalued commercial assets.
The details
Project Uris acquires properties from the heirs of long-term owners, focusing on buildings that feature both retail space and offices. By targeting undervalued assets in corridors like Post Street and Kearny Street, the firm aims to reposition these spaces for retail and commercial tenants. This strategy seeks to leverage the area's expected growth as luxury retailers expand their footprint in Union Square.
Timeline
Project Uris acquired 165 Post St. and 47 Kearny St. in October 2026.
The firm acquired a property on Grant Avenue in July 2026.
A building on Maiden Lane was acquired in May 2026.
Founders Ian Jacobs and Max Raskin began targeting San Francisco in 2023.
Money Landscape
The acquisition reflects a broader move by investors to acquire undervalued San Francisco real estate following the pandemic-era retail decline. This strategy mirrors historical urban investment models where capital flow is concentrated in areas anticipated to rebound via luxury retail anchors.
For local households, this investment activity indicates a potential shift in the commercial occupancy and retail mix of Union Square. Residents and business owners in the area should monitor how these property redevelopments influence local commercial lease rates and the availability of retail services.
The takeaway
The sustained interest from private investment firms suggests that institutional players are banking on a retail turnaround in San Francisco. Keep an eye on local commercial property news for shifts in anchor tenants, as these changes often signal broader adjustments to the retail landscape in major corridors.
Further reading
For more on the local market, explore Commercial real estate developments.
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