June 28, 2016
Bethesda, MD-based ASB Real Estate Investment acquired 799 Market Street, a Class A office building in San Francisco, from Atlanta-based Jamestown Properties for $141.5 million. The purchase was made on behalf of ASB’s Allegiance Fund, a $6.2 billion core investment vehicle.
The eight-story, 145,400-square-foot building was built in 1968 and recently renovated. The asset features 16-foot exposed ceilings, a side core layout providing large open floor plates, and flexible build-out. The site has 100 feet of retail frontage along Market St.
ASB’s David Quigley says, “This investment fits squarely within ASB’s parameters for acquiring prime urban properties in the nation’s most high-demand office and retail submarkets.” ASB has seven other assets in San Francisco with an aggregate value of approximately $592 million.
Eastdill Secured represented the seller, while the buyer was self represented.