SAN FRANCISCO—ASB Real Estate Investments has acquired 1400 16th Street, a historic 103,000-square-foot office-warehouse in the Showplace Square/Potrero Hill district.

ASB made the acquisition on behalf of its Allegiance Real Estate Fund, a $3.5 billion open-end core investment vehicle, in joint venture with SKS Partners, LLC and ProspectHill Group. The partnership plans an extensive redevelopment to reposition the interconnected, three-building complex into highly attractive space for R&D, prototyping and manufacturing companies with 14-foot ceilings, open floor plates, exposed timber beams, skylights, an interior atrium, and a large roof deck. The property was sold by Jessica McClintock, Inc., an iconic San Francisco based fashion designer and dress manufacturer, which has owned and occupied the building as its corporate headquarters for the last 40 years. The seller was represented by HFF.

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