SAN FRANCISCO, CA – HFF announced today that it has closed the $61.25 million sale of 989 Market Street, a 111,497-square-foot creative office and retail property in San Francisco.
HFF marketed the property on behalf of the seller, Harbert Management Corporation. The asset was purchased by ASB Real Estate Investments for $61.25 million, or approximately $607 per square foot (excl. lower level storage/office). HFF secured $27.69 million in financing for the property for the seller in 2012.
989 Market Street is located near the intersection of Market Street and 6th Street in San Francisco’s Mid-Market
corridor. Completed in 1908, this historic, six-story office building underwent renovations from 2011 to 2013 and is 94 percent occupied. Current tenants include two industry-leading technology companies, Zendesk and Zoosk, and the ground floor retail space is occupied by national retailer Blick Art Supplies.
The HFF investment sales team representing the seller was led by managing directors Steven Golubchik and Nicholas Bicardo, directors John Simerlein, Nathan Blair and Mark Damiani, and senior real estate analyst Josh DiSalle. “Mid-Market is home to more than 20 percent of technology companies headquartered in San Francisco, and with the renaissance occurring in the immediate areas coupled with 989 Market proving to be a preferred creative building in the corridor, we saw a substantial amount of both domestic and international interest for the opportunity,” Golubchik said.
Harbert Management Corporation (HMC), together with its sponsored funds, has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. HMC has a history of identifying real estate investment opportunities through its network of long-term, strategic relationships. Additional information about HMC can be found at harbert.net.
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing over $4.9 billion (as of 3/31/14) in gross assets under management for over 250 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, as well as the ASB Meridian Real Estate Fund, a low-leverage opportunistic vehicle and a development separate account. For more information about the company please visit asbrealestate.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
For more information please visit hfflp.com< or follow HFF on Twitter at twitter.com/hff.