ASB Real Estate Investments has paid $141.5m (鈧�128m) for a central San Francisco office asset.
The US-based company acquired 799 Market Street for its Allegiance Fund, a $6.2bn core investment vehicle.
The 145,400 sqft building, close to the financial district and the SoMa office market, will sit above the city鈥檚 only transit station providing access to BART, light rail and the new Central Subway, due to open in 2019.
David Quigley, managing director and CIO at ASB, said the investment fit within the company鈥檚 parameters for acquiring 鈥減rime urban properties in the nation鈥檚 most high-demand office and retail sub-markets鈥�.
He added: 鈥淚t鈥檚 located near the hub of San Francisco鈥檚 commercial office/retail/tourist traffic, with superb mass-transit access and proximity to major retail destinations, hotels and burgeoning high-income residential neighbourhoods.鈥�
ASB has invested in seven other San Francisco properties, worth a total $592m.
