Events startup will set up in old Macy’s men’s store
Hospitality startup Convene is entering the San Francisco market with a new events space planned in the former Macy’s men’s store building next to Union Square.
The facility, set to open in late 2023, will include six meeting rooms on the fourth and fifth floors of 100 Stockton St. with in-house food offerings, events production and audio and video production services. It will be set up to host town halls, educational events and corporate social events, and enable clients to host hybrid in-person and digital events.
The 65,000-square-foot project would be one of the largest investments in the area since the pandemic began and comes as city leaders are touting safety progress in the economically vital Union Square shopping district.
Amy Pooser, Convene president and chief operating officer, said the company had been interested in the location before the pandemic, but health restrictions banning in-person events delayed a commitment until now.
Though hybrid and remote work has battered San Francisco’s office market, Convene has seen a jump in demand for companies wanting high-quality event space without long-term commitment. Convene has 26 other locations across New York, Boston, Philadelphia, Chicago, London and Washington, D.C.
“We’ve seen incredible demand for meetings and events,” she said. “There’s definitely a flight to quality. I think companies are willing to pay a premium.”
Morgan Stanley and partner Blatteis & Schnur bought 100 Stockton St. for $275 million in 2016 from Macy’s. The city approved a redesign of the eightstory property’s concrete exterior, which is now modern glass. Just under 50,000 square feet of retail space was converted to office space on the upper floors.
Convene is partnering with the Blatteis & Schnur real estate agency. Pooser declined to disclose financial details. She also said the cost of renting the spaces for events hasn’t been finalized, but said Convene’s prices in other locations are “very competitive” with hotels and other event venues. The facility is expected to create around 25 to 75 jobs.
The project’s other tenant is Japanese-Peruvian restaurant Chotto Matte, which is set to open on the rooftop in the second quarter of 2023.
Macy’s CEO Jeff Gennette said recently on CNBC that conditions were better in Union Square and that he gave “high marks” to Mayor London Breed.
“Two weeks ago, from where I was a year ago, when you look at crime and safety, it’s improving,” he said. “We’re not where we need to be in terms of where we were in 2019, but definitely improvement.”
Other businesses have come to Union Square during the pandemic, including outdoor clothing store Arc’teryx, which opened in the new retail building 300 Grant. Samsung also opened a temporary pop-up store in the former Uniqlo space for a few weeks.
A wave of tech layoffs and widespread cost cutting could dampen the appetite for events. But Pooser said she was confident that demand will continue to be robust for premium spaces.
“Everyone’s always concerned about a recession,” Pooser. “We made it through COVID. We can make it through anything.”