Ian Jacobs Buys Another Union Square Retail Building

Ian Jacobs, an heir to the Reichmann real estate empire, is wading further into the commercial real estate market in San Francisco’s Union Square.

An entity associated with Jacobs’ Project Uris real estate investment initiative purchased a two-story building at 118-124 Maiden Lane for more than $3.1 million, the San Francisco Business Times reported.

Tilton-Maiden Lane Partners sold the property to 120 Maiden LLC, a Delaware corporation created last month by Max Raskin, the co-founder and managing director of Uris Acquisitions, Jacobs’ $75 million investment vehicle that has been picking up property in the area over the past year with the goal of acquiring 3 million square feet of office space in downtown San Francisco.

The newly acquired building spans approximately 4,135 square feet between its ground, lower, mezzanine and second levels. It was once home to consumer tech retailer B8ta and reopened in March for the first time since 2021 as photography store Camera West planted its flag on the ground and second floors.

Maiden Lane has been humming back to life as retailers return to San Francisco, including Union Square. The RealReal reopened with an entrance on the pedestrian street this spring, while menswear brand Suitsupply doubled down on its commitment to the neighborhood with the purchase of the Grace Building at a foreclosure auction for $19.6 million. Zara also returned to Union Square last year after a previous departure, while new retailers like Nintendo, Shoe Palace and John Varvatos have further juiced foot traffic in the area.

Jacobs has been active in the neighborhood over the past year. Jacobs’ first Project Uris-related purchase was for the Art Deco building at 200-216 Powell Street last April for $7.4 million. He bought another retail building at 35-41 Powell Street in July for $7.1 million. In June, a deal was in escrow to purchase 111 Ellis Street, a 21,412-square-foot retail building at the corner of Ellis and Powell, for an undisclosed price, though a new deed has not yet materialized, according to the Business Times.

— Chris Malone Méndez