ASB Real Estate to Sell Twitter's Former San Francisco HQ Building

Washington, D.C.-based ASB Real Estate Investments is gearing up to list 795 Folsom St. for sale, adding to the wave of downtown San Francisco office properties being offered at attractive discounts. The 187,000-square-foot property is anticipated to enter the market with a pricing guide of about $275 per square foot, aligning the building's value in the mid- to low $50 million bracket. ASB originally acquired the property for $109.6 million, or $586 per square foot, back in 2013, citing its strategic location in the vibrant South of Market neighborhood and its potential to benefit from San Francisco's robust economy. Formerly housing Twitter's headquarters, the building has since secured prominent tenants like adtech Quantcast and web server software developer Nginx Inc., demonstrating its enduring appeal in the city's competitive real estate landscape.

Exploring the Shifts in 795 Folsom's Real Estate Landscape

The dynamic environment of San Francisco's office market has left its mark on 795 Folsom, showcasing both resilience and adaptability. With approximately 127,000 square feet available for lease, the property portrays an occupancy rate hovering at a modest 33%. Notably, in 2016, Quantcast secured 95,000 square feet within the building, later opting for a reduction of about a third during its lease renewal last year. ASB, without comment, successfully refinanced the property in 2019 using a $100 million loan from Capital One. Records unveil an advantageous interest rate of less than 3.5% on the loan, set to reach maturity this year.