Project Uris Acquires Two San Francisco Buildings

The investment firm has added two more properties to its growing Union Square portfolio for $15.4 million.

Updated on Oct. 28, 2026 in Commercial

Project Uris Acquires Two San Francisco Buildings

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Project Uris has acquired two commercial buildings at 165 Post St. and 47 Kearny St. in San Francisco for $15.4 million. The firm, founded by Ian Jacobs and Max Raskin, now holds seven buildings across the city's retail corridors.

Why it matters

The firm is betting that Union Square will see a recovery as it acquires undervalued properties following the area's pandemic-era retail decline. This strategy mirrors a wider trend of investors targeting older, mixed-use assets once held by long-term owners.

Project Uris spent $15.4 million to acquire 165 Post St. and 47 Kearny St. from previous owner K&H Sutter Inc. The firm has now deployed $46 million of its $75 million initial capital across seven San Francisco property acquisitions.

The players

Project Uris

An investment vehicle that targets undervalued commercial real estate with ground-floor retail in San Francisco.

Ian Jacobs

A founder of the investment firm Project Uris who has been targeting San Francisco real estate since 2023.

Max Raskin

A founder of Project Uris who joined the board of Golden Gate University in 2026.

K&H Sutter Inc.

The previous owner of the recently acquired buildings at 165 Post St. and 47 Kearny St.

The details

Project Uris focuses on acquiring aging commercial buildings that feature ground-floor retail space with office space located on the floors above. The firm specifically seeks out properties formerly held by the heirs of long-term owners to capitalize on undervalued assets. By consolidating holdings across five retail corridors in Union Square, the firm aims to benefit from a projected halo effect created by nearby luxury retailer investments.

Project Uris was founded in 2023 by Ian Jacobs and Max Raskin.
The firm acquired a property on Maiden Lane in May 2026.
A building on Grant Avenue was added to the firm's portfolio in July 2026.
The acquisition of 165 Post St. and 47 Kearny St. closed in October 2026.

The Home Front

This acquisition strategy follows a pattern set by the 1970s Reichmann family real estate strategy in New York City. The firm is actively seeking to consolidate control over older retail corridors in hopes of sparking a regional property value recovery.

Local property owners and small business tenants should monitor how these building acquisitions affect long-term commercial lease rates in Union Square. The concentration of assets by single firms often signals impending renovation plans or shifts in the tenant mix for surrounding storefronts.

The takeaway

The firm's ongoing consolidation of Union Square buildings suggests a long-term belief in the retail core's rebound. Owners of adjacent retail or office space should track the firm's renovation timelines and future tenant announcements to understand potential impacts on their own property valuations.