An eight-story office building at Post and Kearny streets in Union Square has sold for $4.2 million, or about $150 per square foot. The sale is the building’s first in at least 40 years. The buyer, Uris Acquisitions, has also been buying San Francisco properties at prices below their peak-cycle levels.
The buyer was Uris Acquisitions, led by Ian Jacobs and Max Raskin, according to The Real Deal. The 28,660-square-foot property at 47 Kearny Street is 89 percent leased. The seller was K & H California LLC, which state business records tie to David Gronowski.
K & H California LLC also owns 165 Post Street, a 46,315-square-foot office building across the street. The Real Deal describes the purchase as part of Project Uris, the group’s effort to acquire distressed commercial properties around the city. Uris Acquisitions declined to comment.
Uris Adds Two Buildings Near Union Square
The 47 Kearny purchase and Uris’ acquisition of 165 Post Street total $19.6 million, according to The San Francisco Standard. Together, the deals bring the group’s holdings to seven buildings across five retail corridors. Six of the seven have at least one ground-floor retail tenant.
The partners raised $75 million and have spent about $50 million on the seven purchases, the Standard reported. Earlier acquisitions include 200 Powell Street for $7.4 million, 35 Powell Street for $7.5 million and 111 Ellis Street for $7.8 million. Jacobs and Raskin announced in 2024 that they planned to acquire 3 million square feet of San Francisco assets through the $75 million vehicle.
Retail Shows Signs of Change as Office Market Remains Uneven
Julie Taylor, who represented Uris in the deal, said the sale reflects a change in property values and buyer opportunities as Post Street evolves. She said seven buildings had sold along the corridor in the prior 12 months, not counting 47 Kearny. Taylor also said some institutional owners that bought at the market peak have since had to sell.
Taylor told the Standard that retailers are moving into spaces along Post Street and that the street is being repainted. She said properties that had been difficult to lease under peak-cycle assumptions became viable as values and rents adjusted. Retailers reported sales up “double digits” from the prior year and shoplifting down “dramatically,” she told the Standard; the sales figure carries medium confidence.
Taylor said demand is also reaching 165 Post Street. “There’s interest in every space on Post Street and every space on Powell. We already have interest in the 165 Post St. space,” she said.
Other Recent Trades Show Different Outcomes
LVMH purchased 220 Post Street for $48 million on Wednesday, October 14, 2026, according to The Real Deal. The San Francisco Chronicle reported that Louis Vuitton USA Inc., an entity linked to LVMH, paid that amount for the roughly 38,400-square-foot, six-story retail building. The Chronicle also reported that the previous owners bought it for $73 million in 2016 before losing it to lender Aareal Capital in a 2023 foreclosure.
Other sales have come at losses for sellers. Grosvenor Americas sold 240 Stockton Street, a 40,000-square-foot building anchored by Gucci, for $44 million after buying it for $80 million in 2016, according to a July report from The Real Deal. That report put Union Square vacancy at 20 percent in the second quarter of 2026, down from 22.8 percent a year earlier, and said monthly visitors had increased almost 10 percent.
Office indicators also show some improvement, though vacancy remains high. San Francisco’s overall office vacancy rate was 26.0 percent at the end of the third quarter, down from 31.1 percent a year earlier, according to Kidder Mathews. The firm recorded 131,311 square feet of positive office net absorption in the Union Square submarket during the quarter.
Price Context and a Powell Street Project
For broader context, the San Francisco Chronicle, citing CBRE, reported an average of $310 per square foot for downtown office-building sales in 2024. That downtown-wide figure is not a direct comparable for 47 Kearny Street. The Union Square Foundation says the Powell Street Improvement Project’s design phase was completed on time and on budget, with the remaining $3.5 million going toward an initial revitalization phase, according to its project information.
Foot traffic is part of the story, too. Union Square's July foot traffic was up 6 percent from the same period a year earlier, according to MRI Software figures cited by The San Francisco Standard. The same piece reports that Zara will open a flagship at Post and Powell this year, and that out-of-town investors from Texas, New York and Alaska have bought several neighborhood buildings at discounted prices.
