ASB Real Estate pays $141.5m for central San Francisco office asset
ASB Real Estate Investments has paid $141.5m (€128m) for a central San Francisco office asset.
The US-based company acquired 799 Market Street for its Allegiance Fund, a $6.2bn core investment vehicle.
The 145,400 sqft building, close to the financial district and the SoMa office market, will sit above the city’s only transit station providing access to BART, light rail and the new Central Subway, due to open in 2019.
David Quigley, managing director and CIO at ASB, said the investment fit within the company’s parameters for acquiring “prime urban properties in the nation’s most high-demand office and retail sub-markets”.
He added: “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 neighbourhoods.”
ASB has invested in seven other San Francisco properties, worth a total $592m.