ASB has acquired 799 Market, a Class-A office complex with significant retail on street level, for $141M. The purchase was made through ASB’s $6.2B investment vehicle, the Allegiance Fund.
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Chief investment officer David Quigley (above) calls it a prime acquisition that fits all of the team’s investment criteria. Specifically, the eight-story building covers 145k SF and is adaptable enough to offer flexible build-outs for tenants who want to shape their creative offices. The location places it close to key districts such as the financial district, Union Square and SoMa.
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David tells Bisnow the transaction is part of ASB's wider strategy in San Francisco. “ASB continues to focus our investment strategy on creative office and high street retail in the nation’s most dynamic urban markets and their submarkets with the strongest growth trajectories,” he says.
In total, ASB holds $592M worth of assets in office, retail and residential across the city. Some of its offices include 795 Folsom, 989 Market, 444 De Haro, 1400 16th St and 1201 Bryant.
To hear more about the changes shaping SoMa and the Tenderloin, check out Bisnow's Future of SOMA & Tenderloin event on July 13 at Hotel Nikko. Sign up here.
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