The two-year-old Institute of Contemporary Art San Francisco is expanding and moving to a new space in San Francisco's Financial District, in a deal with a real estate investment firm.

"Vornado Realty Trust has invited us to partner with them to activate The Cube (a unique historic building at 345 Montgomery Street, the heart of the Financial District Downtown) for two years starting this fall," the ICASF writes in an Instagram post. "Their offer will pave the way for financial sustainability and fully commit our resources to excellent contemporary art."

The Cube is a 73,000-square-foot contemporary building, designed by Skidmore Owings & Merrill in 1971 and recently redeveloped by the same firm, that originally served as Bank of America's flagship retail branch location. It sits adjacent to and downhill from the entry plaza of 555 California, which was originally built as Bank of America's headquarters, and has been sitting vacant for quite a while. (As the Chronicle notes, both 555 California and The Cube are partly owned by the Trump Organization, which maintains a 30% stake in the properties.)

As the New York Times reports, the ICASF will relocate there after the closing of its current exhibition in its Dogpatch space on September 15. It will reopen on October 25 at 345 Montgomery with a group show put together by independent curator Larry Ossei-Mensah, to coincide with Black Art Week.

"This move is looking to take advantage of our nimbleness and size to quickly adapt to opportunities,” says Ethan Beard, the chairman of the ICASF, speaking to the Times. "We are trying to build something that is a lasting institution and looking to find a more sustainable financial path."

Vornado Realty Trust has offered the space to the museum rent-free and utility-free for two years.

The Institute of Contemporary Art San Francisco opened in 2022 at 901 Minnesota Street, in a former kids' gynasium, with the help of $1 million in seed funding from the couple behind the Minnesota Street Project, Andy and Deborah Rappaport.

The museum is not affiliated with other institutions with similar names, like the Institute of Contemporary Art in San Jose, where ICASF director Alison Gass formerly worked.

"The ICASF has quickly become an essential part of San Francisco's vibrant arts scene," says Mayor London Breed in a statement. "The move to 345 Montgomery Street not only reflects the growth of the institition, but also the city's commitment to fostering a dynamic cultural environment and revitalizing our downtown landscape."

Breed's statement adds, "I'm thrilled to see this new chapter unfold, and to witness the impact that ICASF will continue to have on our community and beyond."