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                    "Just two years ago, downtown San Francisco\u2019s commercial real estate was in a grim position.\n\n\n\nRetailers fled, and empty storefronts had turned Union Square \u2014 once the city\u2019s crown jewel \u2014 into a state of disrepair, with open-air drug markets, homeless zombies and crime pushing out customers.\n\n\n\nDowntown office real estate sales in 2024 slumped to $310-per-square-foot on average \u2014 almost two-thirds below the $861 average of 2018, according to CBRE.\n\n\n\nHowever, Union Square\u2019s fortunes are now in the process of a dramatic reversal \u2014 thanks to good governance and private investment.\n\n\n\n\u201cIt\u2019s really a full gut remodel of Union Square \u2026\u00a0 We\u2019re going to have fresh brands in every door,\u201d Julie Taylor, the realtor Uris has used to purchase property, said. credit Rachel Pagan\n\n\n\nClothing brand Uniqlo, which had left Union Square in 2021, has signed a lease and is set to reopen later this year. Zara is set to expand to a four-story, 40,000-square-foot flagship store. They will join a Nintendo store, which has commanded lines around the block, The RealReal, Aritzia, Pop Mart and AT&T. Kith has signed a lease and\u00a0Nordstrom and Bloomingdale\u2019s are said to be eyeing space.\u00a0\n\n\n\nIn the middle of that remarkable turnaround is a nascent firm, Uris Acquisitions, helmed by Max Raskin, 36, and Ian Jacobs, 49.\u00a0The pair began snapping up real estate just months after Mayor Daniel Lurie took office in Jan. 2025.\n\n\n\n\n\n\nTheir conviction was that San Francisco wasn\u2019t dead, but struggling \u2014 with problems they believed Lurie could rapidly fix. They began raising capital ahead of his campaign and have deployed almost all of it, $75 million, in just the last 15 months.\n\n\n\n\u201cForget blood in the streets,\u201d Raskin joked \u2014 a reference to a popular investment maxim. \u201cWe bought when there was feces in the street.\u201d\n\n\n\nJacobs is from a family of real estate investors, but had first focused on finance at Goldman Sachs, then later as a Warren Buffett analyst, picked after writing him a fan letter.\n\n\n\nDowntown office real estate sales in 2024 went for $310 per square foot on average \u2014 almost two-thirds below the $861 average of 2018, according to CBRE \u2014 and luxury storefronts boarded up or moved out completely. AP\n\n\n\nRaskin worked as a journalist at Bloomberg and Morgan Stanley before landing at law school, then the Treasury Department. He has a good head for politics \u2014 and a belief that the greatest cities in the world always make a comeback. Although he now only occasionally writes, he met Lurie when interviewing him for a story.\n\n\n\nTheir relationship with Lurie has proven key to their success. \u201cWe feel a real partnership with the city,\u201d Raskin explains. \u201cIt\u2019s just, \u2018Hey, what can we do to help out?\u2019\n\n\n\nThe window of steep discounts may be starting to close \u2014 200 Powell, for instance, which Uris bought for $7.4 million last year, would have sold for nearly $40 million at its previous peak. credit Rachel Pagan\n\n\n\n\u201cIt\u2019s not rocket science. It just takes a lot of willpower\u2026 You just arrest the criminals and you don\u2019t give them drugs.\u201d\n\n\n\nMayor Lurie, for his part, is clear that, \u201cIf we make the streets safe and clean, people will want to be here. When people don\u2019t feel safe, nothing else matters.\u201d\n\n\n\n\u201cGovernment needs to do its job, which is providing the basics. If we provide the basics, the city can sell itself.\u201d\n\n\n\nLurie isn\u2019t only taking Raskin\u2019s calls. When Jamie Dimon was in town for JPMorgan\u2019s 2025 annual healthcare conference \u2014 an event which, in 2021, The Post reported execs were \u201cpleading\u201d with the company to cancel due to the out-of-control crime \u2014 Lurie invited him to City Hall afterward. It was Dimon\u2019s first time inside the building.\n\n\n\nHomeless people pictured on the corner of Powell and Market Streets in San Francisco have been a common sight downtown for decades. Hearst Newspapers via Getty Images\n\n\n\n\u201cIt\u2019s not rocket science. It just takes a lot of willpower,\u201d Max Raskin said of cleaning up San Francisco. \u201cYou just arrest the criminals, and you don\u2019t give them drugs.\u201d San Francisco Chronicle via Getty Images\n\n\n\nJPMorgan then recently announced it\u2019s not just expanding its office but also making San Francisco its 24th corporate center and putting $200 million into a waterfront housing project.\n\n\n\nAll of those calls have helped Lurie implement common-sense reforms \u2014 like making it far easier to get building permits, which previously had stood in the way of new development.\n\n\n\n\u201cRetailers have been dating San Francisco, waiting to fall in love again \u2026 waiting for an indication that the time was right and that the frog had turned back into a prince,\u201d joked Julie Taylor, the realtor Uris has used to purchase property.\u00a0\n\n\n\n\u201cIt\u2019s really a full gut remodel of Union Square\u2026\u00a0 We\u2019re going to have fresh brands in every door.\u201d\n\n\n\nSince early 2025, Uris has acquired five buildings in and around Union Square: 200 Powell, 35 Powell, 71 Powell, 120 Maiden Lane and 233 Grant. They are also under contract for two more buildings in Union Square.\n\n\n\n\nSince early 2025, Uris has acquired five buildings in and around Union Square: 200 Powell, 35 Powell, 71 Powell, 120 Maiden Lane and 233 Grant. They are also under contract for two more buildings in Union Square.\n\n\n\nOf course, there are still challenges with homelessness and crime and people who are wary of change. And while Uris made the bet that effective government could resolve the biggest problems, there is not a guarantee that type of governance will last.\n\n\n\n\n\n\n\nBut Raskin says his optimism and positivity have helped.\n\n\n\n\u201cWe didn\u2019t know it was going to be the AI boom, but we knew something was going to boom\u2026 We just bet on people. We bet on smart people, and we bet on cities.\u201d"
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