SAN FRANCISCO—ASB Real Estate Investments hasacquired 1400 16th Street, a historic103,000-square-foot office-warehouse in theShowplace Square/Potrero Hill district.

ASB made the acquisition on behalf of its AllegianceReal Estate Fund, a $3.5 billion open-end core investmentvehicle, in joint venture with SKS Partners, LLCand ProspectHill Group. The partnership plans anextensive redevelopment to reposition the interconnected,three-building complex into highly attractive space forR&D, prototyping and manufacturing companieswith 14-foot ceilings, open floor plates, exposed timber beams,skylights, an interior atrium, and a large roof deck. The propertywas sold by Jessica McClintock, Inc., an iconicSan Francisco based fashion designer anddress manufacturer, which has owned and occupiedthe building as its corporate headquarters for the last 40 years.The seller was represented by HFF.

Originally built in 1938, the property spans anentire city block bounded by 15th, 16th, Carolinaand De Haro Streets, and is comprised of atwo-story, Art Deco office building, which was later expanded intoa two-story 30,000 square-foot office–warehouse, and a single-story73,000 square-foot warehouse. Future tenants will have excellentaccess to public transportation — bus, light rail,BART and CalTrain — as well asimmediate access to Interstate 280 and Highway 101.