Billionaire Investor Seeks “Iconic” San Francisco Offices

Billionaire Michael Moritz could take a stab at reshaping Union Square, the San Francisco retail hub that has struggled since the pandemic.

The Silicon Valley venture capitalist and philanthropist is reportedly looking to lease offices in the six-story building at 48 Stockton Street, the former Barneys New York flagship, as a potential headquarters for his Crankstart Foundation and related ventures, the San Francisco Chronicle reported.

The property, owned by Invesco Real Estate, spans roughly 68,000 square feet and features soaring ceilings and historic detailing — a hallmark of its 1909 design by Lansburgh & Joseph for the Newman & Levinson Dry Goods Company. Art dealer Maybaum Gallery signed a one-year lease at the property for 20,000 square feet in late 2025.

Moritz’s team has toured several Union Square sites in recent months, seeking an “iconic” and “high-profile” address, according to the Chronicle. Sources say the plan involves leasing the entire building, which includes the former Barneys retail floors and boutique office space above, with a long-term goal of acquisition. The move could also consolidate operations for the San Francisco Standard, the media outlet financed by Moritz, currently based in SoMa.

If finalized, the deal would mark a vote of confidence in Union Square’s revival, following years of high-profile retail closures and vacancies. The corner of Stockton and O’Farrell Streets has long served as a bellwether for the district’s fortunes, once home to luxury anchors such as I. Magnin and FAO Schwarz. Barneys shuttered in 2019 amid bankruptcy, leaving the space empty through the pandemic downturn.

Invesco, which has owned 48 Stockton since 2000, has worked to reduce its San Francisco exposure, selling nearby properties at steep losses — including 800 Market Street for $17.2 million, down 60 percent from its 2011 valuation. The firm also holds the adjacent 2 Stockton Street, formerly a Forever 21 location, where a $60 million redevelopment permit for a vertical office addition remains pending.

Moritz was one of the billionaire backers of California Forever, the master planned city in Solano County. He is chairman of Sequoia Capital and was an early investor in Google and PayPal.

– Joel Russell