Making its initial acquisition in the Bay Area, The Ashforth Company is pleased to announce the acquisition of The Orrick Building.

Ashforth, a 111 year old Stamford, Connecticut based commercial real estate owner, investor and developer, has expanded its presence on the West Coast by purchasing The Orrick Building with its partner GE Asset Management. The Orrick Building, located at 405 Howard Street, is a 10-story, 503,576 square foot Class A office building located in the South of Market Financial District in Downtown San Francisco, California.  Completed in 2002, this landmark asset features large, functional floor plates, striking architectural design, state-of-the-art building systems and an irreplaceable location within the “Transbay Redevelopment Area.”  The Orrick Building is part of the greater, four-building, Foundry Square master-planned development which affords its tenants proximity to a dynamic and burgeoning residential, commercial and cultural neighborhood.

Ashforth’s West Coast affiliate, Ashforth Pacific, now owns and manages approximately 2.5 million square feet on the West Coast. Ashforth Pacific is based in Portland where it oversees a portfolio which includes Lloyd Center Tower, ODS Tower, Liberty Centre, One Pacific Square, Lloyd 700, and Oregon Square as well as The Exchange Building in Seattle. Ashforth Pacific is an investor, active in the ownership and operation of office and industrial real estate providing asset management, leasing, property management, parking management and construction services for properties in Ashforth’s West Coast portfolio.

Scott Langley, President of Ashforth Pacific said, “We believe the purchase of The Orrick Building adds another impressive asset to our West Coast portfolio. Our intent is to grow further through acquisition and development in select markets such as Portland, Seattle, and the San Francisco Bay Area.”  This transaction closely follows three acquisitions in the Northwest: The Exchange Building (Seattle) as well as One Pacific Square & ODS Tower (both in Portland).

Currently, The Orrick Building is 98% occupied, with Orrick, Herrington & Sutcliffe as its anchor tenant. Other significant tenants include: Barclays Global Investors & Moody’s KMV.
“We are delighted to be part of the San Francisco market.  The Orrick Building presents an excellent opportunity for us to develop relationships with our existing tenants, new tenants and the San Francisco brokerage community,” said Doug Pugh, Ashforth Pacific’s Senior Vice President of Leasing & Investment.

The Ashforth Company is a diversified real estate firm that owns, develops, and invests in assets on the East and West Coasts, and provides third party services including asset and property management, brokerage, general contracting and construction management.  Directly and through its affiliates, the company owns and manages over 8.5 million square feet of office space nationwide. Ashforth’s investment strategy is to acquire quality assets in markets with good long-term fundamentals and to enhance value through the company’s operating expertise. Ashforth has investment interests in locations throughout the country.

For more information about The Orrick Building or to arrange an interview with an Ashforth executive contact Kim DePra, The Ashforth Company, (203) 388-1154. Building photos available upon request. Visit www.ashforth.com for additional information on The Ashforth Company.