San Francisco's Union Square, once a commercial hub marred by crime and disrepair, is experiencing a significant revival fueled by a $75 million investment from Uris Acquisitions and a shift in city governance. The firm, led by Max Raskin, 36, and Ian Jacobs, 49, began acquiring properties in the area shortly after Mayor Daniel Lurie took office in January 2025. Their strategy capitalized on steep discounts in commercial real estate, with 2024 office sales averaging $310 per square foot, a sharp decline from the $861 average in 2018.
Raskin and Jacobs saw San Francisco not as a city in terminal decline, but as one facing temporary challenges that could be addressed by effective leadership. "We bought when there was feces in the street," Raskin remarked, referencing the low point for the area. Uris Acquisitions has since deployed nearly all of its $75 million capital in the last 15 months, acquiring five buildings in and around Union Square and is under contract for two more.
This private investment aligns with and appears to be supported by new city policies. Mayor Lurie has emphasized a focus on public safety, stating, "If we make the streets safe and clean, people will want to be here. When people don’t feel safe, nothing else matters." His administration has prioritized essential services, including addressing crime and making it easier to obtain building permits. "Government needs to do its job, which is providing the basics. If we provide the basics, the city can sell itself," Lurie said.
Retailers are responding to the revitalized atmosphere and improved city management. Uniqlo, which departed in 2021, is set to reopen later this year. Zara is expanding into a 40,000-square-foot flagship store, and other brands like Nintendo, The RealReal, Aritzia, and Pop Mart are present. Kith has signed a lease, and Nordstrom and Bloomingdale's are reportedly considering new leases.
Mayor Lurie has engaged with key business leaders, inviting JPMorgan CEO Jamie Dimon to City Hall. Following this engagement, JPMorgan announced plans to expand its San Francisco office and establish it as its 24th corporate center, committing $200 million to a waterfront housing project. This public-private synergy is seen as crucial to the area's turnaround.
While challenges related to homelessness and crime persist, the current trajectory suggests a positive shift. Raskin attributes part of the firm's success to optimism and a belief in the resilience of major cities and their populations. "We didn’t know it was going to be the AI boom, but we knew something was going to boom… We just bet on people. We bet on smart people, and we bet on cities."