(EDITOR’S NOTE: According to public documents, ASB purchased the property in 2014 for $92.6 million.)
San Francisco, CA (July 10, 2019) — ASB Real Estate Investments (ASB) announced today that Discord, the digital app platform company, has signed a direct lease for 70,000 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 $7.5 billion core investment vehicle.
Discord currently leases 3,300 square feet at the property and subleases an additional 34,000 square feet. Its expansion into the additional leased space will take place between now and 2022.
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.
Aaron Duncan, Senior Vice President and Western Region Head at ASB Real Estate Investments, said: “This dynamic San Francisco submarket continues to tap into strong demand from creative office tenants and ASB has been able to lock in very attractive cash flow growth while executing our leasing strategy for the asset.”
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 and 799 Market; apartments at 333 Fremont Street; and industrial assets 1400 16th Street and 1201 Bryant in San Francisco and 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 $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles. For more information about the company, visit www.asbrealestate.com.
*As of 03/31/19.