Ian Jacobs adds a seventh Union Square building, 47 Kearny St

Investor Ian Jacobs, operating through Uris Acquisitions, has paid $4.2 million for 47 Kearny Street, an eight-story Union Square office building at Post and Kearny, according to The Real Deal. The deal, about $150 a square foot for the 28,660-square-foot, 89 percent leased building, marks the property’s first sale in more than 40 years and extends a buying pattern that is becoming its own story.

Why it matters

One buyer repeatedly closing on Union Square office and retail buildings, while the submarket’s owners elsewhere are still selling at distressed pricing, is a concentration story independent of any single deal. The American Developer reported Jacobs’ $48.5 million purchase of the Bulgari-anchored 180 Post Street in July as his fifth Union Square acquisition since April 2025. Hoodline now reports the Uris Acquisitions portfolio, led by Jacobs and Max Raskin, holds seven buildings across five retail corridors, with six carrying at least one ground-floor retail tenant, putting 47 Kearny at number seven in a pattern that keeps repeating while most capital stays on the sidelines.

The numbers

Uris Acquisitions bought 47 Kearny Street from K & H California LLC, a seller state business records tie to David Gronowski, for $4.2 million. The Real Deal’s report, which The American Developer could not independently verify through the outlet’s own site, says the deal closed at roughly $150 a square foot for the 28,660-square-foot tower, well below the $1,200-a-foot price Jacobs paid for the retail-anchored 180 Post Street three months earlier. Hoodline’s corroborating report puts Jacobs and Raskin’s combined Union Square footprint at seven buildings, following earlier buys at 200 Powell Street, 35 Powell Street and 111 Ellis Street. A deed for the Kearny Street parcel has not yet been pulled from the San Francisco Assessor-Recorder’s public index.

What’s next

Watch whether Jacobs keeps buying toward his stated 3 million-square-foot target, and whether the accumulation pulls other capital back into a submarket still working through vacancy. More at the San Francisco market hub and our prior coverage of Jacobs’ 180 Post Street buy.