ASB's Big Bay Area Buy
ASB Capital Management just scooped up De Haro Place, a creative office building and an adjacent vacant building, from Ares Management for $92.7M. The Class-A 138k SF office building was built in 1927 and got a big redo in 2013 to attract tech tenants, with a dramatic two-story atrium, vaulted ceilings and skylights (below). Now it's fully leased to seven tenants. ASB Real Estate Investments has had a national strategy of amassing core urban mixed-use assets in gateway US markets, CEO Robert Bellinger told Bisnow last year.
The adjacent property at 488 De Haro St is three stories with 12k SF. Robert Gilley and Steve Hermann of DTZ repped the seller, and say the 1930s-era building is empty and primed for renovation or redevelopment as office, retail or multi-family.
