Berkshire Veteran Makes Risky San Francisco Play

Snack-Sized Version:

San Francisco’s Union Square has struggled post-pandemic, riddled with store closures, vacancies, and safety concerns despite revitalization efforts. Berkshire Hathaway protégé Ian Jacobs sees opportunity where others see risk, buying discounted downtown properties. Under his “Project Uris,” Jacobs has scooped up two Union Square buildings at steep discounts, echoing the strategy that made his family and Berkshire famous: buy low, hold, and cash in later. He’s betting on a decade-long recovery, confident San Francisco will rise from its slump. His bold moves contrast with timid investors, and with retailers tiptoeing back into Union Square, Jacobs could profit early from the city’s next big rebound.

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San Francisco’s once-thriving Union Square has faltered badly since the pandemic, plagued by retail closures, rising vacancies, and sluggish recovery efforts. Flagship stores have abandoned the area, foot traffic has dropped, and city programs like “Vacant to Vibrant” have done little to restore the district to its former glory. Compared to faster-recovering cities like New York and Los Angeles, San Francisco looks particularly battered. Yet history shows the city has always bounced back — and that’s exactly what one investor is banking on.

Ian Jacobs, a Berkshire Hathaway veteran and Warren Buffett protégé, is making bold moves downtown. Jacobs cut his teeth at Berkshire, earning a reputation for his value-first approach to investing. Now at the helm of his firm, 402 Capital, he’s channeling Berkshire’s fearless ethos. This year alone, Jacobs has acquired two discounted office buildings in Union Square: one on Ellis Street and another Art Deco property on Powell. Both are part of “Project Uris,” a nod to his family’s historic real estate playbook in New York during the 1970s. The strategy is classic Buffett: buy when everyone else is too scared.

Jacobs isn’t fazed by San Francisco’s current chaos. He’s betting on a 10-year horizon, confident that Union Square will eventually regain its shine. Other investors, wary of crime, vacancies, and a slow rebound, are staying on the sidelines. Jacobs, however, is moving fast — and moving big. His roots in Berkshire and his family’s real estate legacy give him the conviction to endure volatility others won’t stomach.

Signs of a turnaround are already flickering. Retailers like Nintendo and Zara are reopening or expanding near Union Square, hinting that recovery might already be underway. If Jacobs’ gamble pays off, he’ll have planted his flag early and profit handsomely from San Francisco’s inevitable comeback. In true Berkshire fashion, he’s proving that fortune favors the patient — and the fearless.