SAN FRANCISCO—ASB Real Estate Investments will pay $92.6 million for the acquisition of the 444 De Haro Street office building in the rapidly redeveloping Potrero Hill submarket, south of the city's financial district.
The purchase from Ares Management follows ASB's acquisition last summer of 1400 16th Street, a nearby office building. Both investments were made by ASB on behalf of its Allegiance Fund, a $4 billion core investment vehicle.
Built in 1927, recently renovated and 96% leased, 444 De Haro comprises two interconnected, two-story structures with an open-air atrium, totaling 138,430 square feet of space. Tech and media tenants have been attracted to the building's creative aesthetics and design attributes including 25-foot high ceilings, open-floor plans, large windows, skylights, and exposed ductwork.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
