Ian Jacobs, heir of the Reichmann global real estate dynasty, is adding another Union Square building to his portfolio
Jacobs, a former Warren Buffett apprentice, has moved to buy 111 Ellis Street, a 21,412-square-foot office building with ground-floor retail formerly occupied by a Uniqlo store, the San Francisco Standard reported. The deal, conducted through an entity affiliated with Jacobs, is purportedly in escrow. The purchase price for the 1907-built building has not been disclosed, though it’s reportedly less than what it was worth before the pandemic, which wasn’t specified.
It’s the second property in the Union Square neighborhood that Jacobs has bought in recent months. In May, the ex-Berkshire Hathaway investment researcher bought an Art Deco retail building at 200-216 Powell Street for $7.4 million, the San Francisco Business Times reported.
Jacobs’ Ellis Street buy is ostensibly part of his Project Uris plan, which has involved a $75 million fundraising effort to buy 3 million square feet of property in downtown San Francisco. The endeavor is named after the now-defunct Uris Buildings Corporation, which sold a number of office buildings in New York City to the Toronto-based Reichmann family in the late 1970s. Once the local economy bounced back, the buildings grew in value exponentially; like Buffett and the Reichmanns before him, Jacobs appears to be buying properties during market slumps and betting on a rebound.
Today, Uris Acquisitions, also known as Uris Partners, looks to be a continuation of that legacy. Mayor Daniel Lurie spoke about Jacobs’ vision to buy up offices across the city in an interview with Uris’ managing director Max Raskin last year.
“I’m excited about Ian’s project,” Lurie said. “San Francisco is not like any other city. We’re coming all the way back, full stop. We are coming back and we’re coming all the way back.”
Union Square could be on the verge of a long-awaited turnaround as businesses and pedestrians flock to the neighborhood north of Market Street. A well-trafficked Nintendo store opened in May, which follows the arrival of a Shoe Palace in February. Clothing shops Zara and John Varvatos and photography store Camera West are moving in soon.— Chris Malone Méndez
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