(EDITOR’S NOTE: Atlanta-baed Jamestown Properties was the seller of the asset. It purchased the building in October of 2012 for $93.5 million or, $658 per square foot.)
ASB Real Estate Investments announced today the $141.5 million ($973 per square foot) acquisition of 799 Market Street, a Class A office building with prime retail street frontage, located near the heart of the city’s commercial district. The purchase was made by ASB on behalf of its Allegiance Fund, a $6.2 billion core investment vehicle.
Built in 1968 and recently renovated, the eight-story, 145,400-square-foot building features 16-foot exposed ceilings; a side core layout providing large open floor plates; and flexible build-out options for tenants seeking creative office space. In addition, the asset’s highly attractive 100-feet of retail frontage on Market Street and 10-feet of frontage along 4th Street are situated prominently along the city’s primary thoroughfare close to the financial district, Union Square, Westfield San Francisco Centre, and the rapidly expanding SoMa office market. The property will also sit above the city’s only transit station providing access to BART, light rail, and the new Central Subway, when the Central Subway is completed in 2019.
David Quigley, ASB’s Managing Director and Chief Investment Officer, said: “This investment fits squarely within ASB’s parameters for acquiring prime urban properties in the nation’s most high-demand office and retail submarkets. It’s located near the hub of San Francisco’s commercial office-retail-tourist traffic with superb mass transit access and proximity to major retail destinations, hotels, and burgeoning high-income residential neighborhoods.”ASB has investments in seven other San Francisco property assets with an aggregate value of approximately $592 million: office buildings at 795 Folsom, 989 Market, 444 De Haro, 1400 16th Street, and 1201 Bryant Street, retail space at 200 Powell Street, and apartments at 333 Fremont Street.
About ASB Real Estate Investments
ASB Real Estate investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing $6.6 billion in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.