San Francisco Office Asset Secures $100M in Financing
- May 29, 2019
ASB Real Estate Investments has secured a $100 million loan for its San Francisco office asset, 795 Folsom St. The five-year, fixed-rate loan provided by Capital One at a 3.4 percent interest rate was secured on behalf of Allegiance Real Estate Fund, an investment vehicle owned by ASB.
The six-story, 189,000-square-foot building is located in the heart of the SOMA district, near the Moscone Center, the future site of a Central Subway station and a variety of shopping and dining options. Built in 1977, the property is also located a short distance from interstates 80 and 280. ASB purchased the asset in 2013 from seller Barings for $109.6 million.
San Francisco’s office market has continued to show strength over the past year, led by the city’s powerful tech and financial industries. Last year, 4.2 million square feet of office space was added to the city’s inventory, according to a recent Yardi Matrix report. Last month, a sprawling office campus in nearby Burlingame, Calif., secured $515 million in financing. The project is being developed by Kylli Inc. and will be fully occupied by Facebook’s virtual reality firm Oculus once completed.