ASB Takes Advantage of Tenant Surge

SAN FRANCISCO—Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Bathesda, MD-based ASB Real Estate Investments has purchased 989 Market St., a 111,497-square-foot class A office building, located between 5^th and 6^th Streets. Harbert Management Corp. was the seller of the Mid-Market property, which ASB’s Allegiance Real Estate Fund, a $3.5 billion core vehicle, paid $61.3 million for.

As GlobeSt.com previously reported, the Mid-Market region is the hottest thing in San Francisco at the moment, adjacent to Union Square. Robert Bellinger, president and CEO of ASB Real Estate Investments, notes that “Led by Twitter, Spotify, Yammer and Intuit, new and expanding technology companies have made the Mid-Market District a location of choice, leading to a market renaissance, from which our investors can take advantage. The property’s proximity to Union Square and the extension of premier retailing along Market Street also translates to great long-term fundamentals for the retail space.”