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major investor, Ian Jacobs, is acquiring his second property in Union Square, according to sources. Jacobs' entity plans to buy 111 Ellis St., a Powell Street office building with retail space that previously housed Uniqlo. The deal is reportedly in escrow, but the purchase price remains unknown. This sale would be Jacobs' second Union Square acquisition this year, following his $7.4 million purchase of a green Art Deco building on Powell Street in May.

    Jacobs' investment strategy, dubbed Project Uris, aims to buy up to 3 million square feet of downtown SF property. The name is inspired by the Reichmann family's past purchases from Uris in New York City, which saw significant value growth after the city recovered from an economic slump. Jacobs has experience buying undervalued properties, having worked at Berkshire Hathaway under Warren Buffett.

    The purchase comes as Union Square tries to revitalize its image following pandemic-era vacancies and safety concerns. Recent openings like Shoe Palace and Nintendo have been touted as signs of a turnaround, but challenges persist with the closure of Saks and Macy's impending exit looming over the area.