 |
| 989 Market Street, San Francisco, CA |
SAN FRANCISCO, CA – HFF announced it has closed the $61.25
million sale of 989 Market Street, a 111,497-square-foot creative office
and retail property in San Francisco.
HFF
marketed the property on behalf of the seller, Harbert Management
Corporation.
The asset was purchased by
ASB Real Estate Investments for $61.25 million, or approximately $607 per
square foot (excl. lower level storage/office).
HFF secured $27.69 million in financing for the property for the
seller in 2012.
989 Market Street is located near the intersection of Market
Street and 6th Street in San Francisco’s Mid-Market corridor. Completed in 1908, this historic, six-story
office building underwent renovations from 2011 to 2013 and is 94 percent
occupied.
 |
| Steven Golubchik |
Current tenants include two industry-leading technology
companies, Zendesk and Zoosk, and the ground floor retail space is occupied by
national retailer Blick Art Supplies.
The HFF investment sales team representing the seller was
led by managing directors Steven Golubchik and Nicholas Bicardo,
directors John Simerlein, Nathan Blair and Mark Damiani, and senior real
estate analyst Josh DiSalle.
“Mid-Market is home to more than 20 percent of technology
companies headquartered in San Francisco, and with the renaissance occurring in
the immediate areas coupled with 989 Market proving to be a preferred creative
building in the corridor, we saw a substantial amount of both domestic and
international interest for the opportunity,” Golubchik said.
Harbert Management Corporation (HMC), together with its
sponsored funds, has owned, developed and managed multifamily, office,
industrial, retail and self-storage properties throughout the United States.
HMC has a history of identifying real estate investment opportunities through
its network of long-term, strategic relationships. Additional information about
HMC can be found at harbert.net.
 |
| Nicholas Bicardo |
ASB Real Estate Investments (ASB), a division of ASB Capital
Management, LLC, is a leading U.S. real estate investment management firm,
managing over $4.9 billion (as of 3/31/14) in gross assets under management for
over 250 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, as well as the ASB Meridian Real Estate Fund, a low-leverage
opportunistic vehicle and a development separate account. For more information
about the company please visit asbrealestate.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
No comments:
Post a Comment