ASB Real Estate Investments is poised to list a 145,400-square-foot building in San Francisco’s South of Market for $50 million, nearly $92 million less than what it sold for eight years ago.
The Maryland-based unit of ASB Capital Management is preparing to put the eight-story building on the market at 799 Market Street, near Union Square, the San Francisco Business Times reported, citing an unidentified source.
Eastdil will hold the listing. The expected price works out to $344 per square foot.
ASB bought the office-over-retail building in 2016 for $141.5 million, or $973 per square foot.
The offices, built in 1968 and renovated in 1986 at Market and Fourth streets, has a 55,000-square-foot storefront occupied by a bustling Ross Dress for Less
When it bought the property, ASB said it was part of a broader strategy of acquiring “prime urban properties” in high-demand office and retail submarkets, according to the Business Times.
A few years earlier, ASB picked up two other Downtown office buildings during the tech boom.
In 2013, it bought a 187,000-square-foot office building that once served as Twitter’s headquarters at 795 Folsom Street in South of Market for $109.6 million, or $586 per square foot.
A year later, the firm bought the long-time home of Zendesk at 989 Market Street in Mid-Market for $61.3 million, or $523 per square foot.
ASB listed the two buildings early this year, and this summer sold them in separate deals for fire-sale prices.
In July, Alaska-based Fountainhead Development bought the building at 795 Folsom for $48.3 million, or $258 per square foot. A few weeks later, Los Angeles-based BH Properties bought the building at 989 Market for $13.5 million, or $115 per square foot.
Last month, ASB sold an 88-unit apartment complex at 333 Fremont Street to JRK Property Holdings for $44.25 million, or $500,000 per unit.
In San Francisco, ASB still owns a 140,000-square-foot office building at 444 De Haro Street in Potrero Hill. The firm did not respond to Business Times inquiries about its long-term strategy for its local portfolio.
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ASB Real Estate Investments, founded in 1983 as a subsidiary of American Security Bank, has $7.5 billion in assets under management, including 25.6 million square feet in 86 industrial, multifamily, self-storage, retail and office properties, according to its website.
— Dana Bartholomew
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