NEW YORK, NY.- Just two years into its existence, the Institute of Contemporary Art San Francisco is moving from its original home in the Dogpatch neighborhood of San Francisco to a larger location known as the Cube, a new development in the financial district.

The announcement comes as arts institutions in San Francisco are slowly building back from the coronavirus pandemic.

The new space, at 345 Montgomery St., gives the museum 26,000 square feet of exhibition space compared to its current 11,000; Vornado Realty Trust is not charging rent or utilities for the first two years.

“We call it the startup museum,” said Alison Gass, the museum’s founding director, adding that the rent had been high at its current location. “The ICA is about allowing artists to take risks and to try new things.”

After its exhibition of Guyana-born mixed-media artist Suchitra Mattai, which closes Sept. 15, the museum will reopen in the new space Oct. 25 with a group show organized by Larry Ossei-Mensah, an independent curator.

“This move is looking to take advantage of our nimbleness and size to quickly adapt to opportunities,” said Ethan Beard, the chair of the institution, which has an annual operating budget of $2 million and five full-time employees. “We are trying to build something that is a lasting institution and looking to find a more sustainable financial path.”

Glen Weiss, the executive vice president and co-head of real estate at Vornado, said in a statement that the company looked forward to teaming up with the museum and artists “who will further enliven and elevate the financial district as a nexus for culture and commerce.”

The move coincides with the second anniversary of the museum and with Black Art Week in San Francisco, a celebration of Black visual culture that opens Oct. 1 and is organized by Monetta White of the Museum of the African Diaspora, which is near the new location.

Other arts institutions in the area include the San Francisco Museum of Modern Art, the Contemporary Jewish Museum and Jessica Silverman gallery.

“Downtown has become affordable and provides the opportunity to reach visitors, and at the same time, catalyze the arts more broadly,” said Robert J. Fisher, the chair of SFMOMA. “I’m excited about what comes next for our tenacious city.”

This article originally appeared in The New York Times.