Doug MacMahon Buys Union Square Gucci Building

A Texas-based investor who has been active in San Francisco in the past year has added some Gucci to his collection.

An affiliate of Moran Capital principal Doug MacMahon purchased the 10-story building at 240 Stockton Street in Union Square for $44 million, the San Francisco Business Times reported. Grosvenor Americas sold the 40,442-square-foot building at a 45 percent discount from its 2016 purchase price of $80 million.

A Gucci store occupies the bottom two floors of the building, taking up approximately 11,000 square feet. Three of the eight office floors above are available for lease, a source with knowledge of the property told the Business Times.

MacMahon-led groups have been on an acquisition tear in San Francisco over the past two years.

In August 2024, a MacMahon-led group purchased the former Burberry building at 225 Post Street for $17.4 million. The following month, a group linked to the investor purchased 11 retail condominiums across five buildings in Hayes Valley for $10.9 million. Last August, an ownership group led by MacMahon bought the debt tied to the seven-story One Union Square office and retail building for $42.5 million. In November, MacMahon scooped up 240 Post Street for an undisclosed price.

The Dallas-based mogul is looking to the future for a rebirth in Union Square and the city at large. “My partners and I are long-term investors and we believe San Francisco in the long-term is a great market for investing in real estate,” MacMahon told The Real Deal in 2024.

MacMahon isn’t the only out-of-towner who has been buying multiple buildings over the past two years. Ian Jacobs, an heir of the Reichmann real estate family, has bought three properties on Powell Street since last summer.

Grosvenor Americas, meanwhile, has been trimming its San Francisco holdings in recent months. In September, it sold the six-story 251 Post Street for $30.5 million. Last month, the global firm sold a 3,200-square-foot retail property at 440-444 Jackson Street for nearly $4.6 million, the San Francisco Business Times reported.

— Chris Malone Méndez