Ascendas REIT acquires two office properties in San Francisco for $560m

Ascendas Funds Management, the manager of Ascendas REIT, has acquired two office properties located in San Francisco for $560.2 million from B505 Industries LLC and ARE–San Francisco No. 47.

The properties are located at 510 Townsend St. and 505 Brannan St. in the South of Market (SoMa) submarket.

510 Townsend St. is a seven-story building with 50 parking spaces. Newly completed in 2017, it features an attractive brick facade, expansive floorplates and high ceiling heights, as well as a rooftop deck with a large urban garden. It has a net leasable area of 295,329 square feet and sits on a freehold land area of nearly 1.4 acres.

And 505 Brannan St. is a six-story building with 68 parking spaces developed in a freehold land area of 0.6 acres. It has a net leasable area of 150,000 square feet. Newly completed in 2017, the building has a glass and steel exterior, light-filled two-story lobby, expansive ceiling heights, a landscaped passageway, and a rooftop deck w