ASB Real Estate Investments announced today that Medium, the online publishing platform, has leased 17,223 square feet of space in 799 Market Street, bringing the building to 100% occupancy. ASB acquired the Class A office building last year on behalf of its Allegiance Fund, a $7 billion core real estate vehicle for institutional investors.
Built in 1968 and recently renovated, the eight story, 145,400-square-foot building features 16-foot exposed ceilings; a side core layout providing large open floor plates; and flexible build-out options for tenants seeking creative office space. In addition, the asset’s highly attractive 100-feet of retail frontage on Market Street and 10-feet of frontage along 4th Street are situated prominently along the city’s primary thoroughfare close to the financial district, Union Square, Westfield San Francisco Centre, and the SoMa office market. The property will also sit above the city’s only transit station providing access to BART, light rail, and the new Central Subway, when the Central Subway is completed in 2019.
Other building tenants include: Akamai Technologies, Platphorm, Prism Skylabs, and Ross Stores. Medium will office on the building’s entire fifth floor.
David Quigley, ASB’s Managing Director and Chief Investment Officer, said: “799 Market benefits from its central location and creative office features meeting the growing demand for premium office space from expanding tech and digital media companies in San Francisco. ASB welcomes Medium to the building.”
ASB has investments in seven other San Francisco property assets with an aggregate gross value of approximately $675.1 million: office buildings at 795 Folsom, 989 Market, 444 De Haro, 1400 16th Street, and 1201 Bryant Street, retail space at 200 Powell Street, and apartments at 333 Fremont Street.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 $7.4 billion* in gross assets under management for over 360 domestic and international institutional clients.
About ASB Real Estate Investments
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; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.