San Francisco, CA — March 8, 2021 — ASB Real Estate Investments (ASB) announced today that Invitae Corporation, a leading medical genetics company, has signed a direct lease for approximately 40,000 square feet in its 444 De Haro Street office building in San Francisco. ASB’s ownership investment in the property is made on behalf of its Allegiance Fund, a $7.3 billion core investment vehicle.
Invitae, which also leases space from ASB at 1400 16th Street in San Francisco, has experienced rapid growth and needed to expand into additional specialized laboratory and creative office space.
Aaron Duncan, ASB’s Senior Vice President and Western Region Head, said: “A medical device manufacturer had plans to vacate their lab space, creating a compelling opportunity for Invitae to occupy the premises with minimal capital expense and no downtime. The property’s combination of fully developed laboratory space and unique creative office attributes including large floorplates, open space designs and high ceilings, made the building an ideal fit for Invitae given the limited supply of this kind of product in the market. We were very pleased to meet Invitae’s needs while maintaining full-occupancy in 444 De Haro.”
No broker was used in the transaction.
Built in 1927 and recently renovated, 444 De Haro is situated on a full city block and comprises two interconnected, two-story structures with a large 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. ASB acquired the property in 2014 to take advantage of the rapidly redeveloping Potrero Hill submarket, south of the city’s financial district. The area is conveniently served by CalTrain, streetcar and bus lines with direct access to nearby highways; and features a lively mix of cafes, high-end restaurants, sports bars, 24-hour fitness facilities and parks. The property is 100% leased.
ASB Real Estate Investments currently manages eight other investments in the Bay Area: retail space at 200 Powell Street; office buildings at 795 Folsom, 989 Market, 799 Market, 1400 16th Street and 1201 Bryant; apartments at 333 Fremont Street; and an industrial asset 1490 Cader in Santa Rosa, CA.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $7.8 billion* in gross assets under management for over 330 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. urban markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients.