Big Trade For 989 Market
What a difference a few years make for mid-Market: ASB Real Estate Investments just slammed down $61.3M for 989 Market, two years after seller Harbert Management Corp bought the 111k SF property for $42.5M (in mid-2011, the six-story property traded for just $26M). Like Twitter, Zendesk was a mid-Market pioneer, moving there in 2011. Dating site Zoosk is also a tenant. (Did they introduce the buyer and seller?) The buy was made on behalf of ASB’s $3.5B Allegiance Real Estate Fund and is the firm's fifth investment here, which includes the retail space at 200 Powell; office buildings 795 Folsom and 135 Mississippi; and apartments at 333 Fremont. An ASB land holding at 350 Bush/500 Pine was sold in April.