source to code behind

The question is a little strange.  You don't want HTML in your code behind.  I suspect addLocation() may do something that you're wanting to capture in code behind.  What does addLocation() do?

addlocation is just a javascript function that routes the page and it is ok

I just like to store the HTML text in a variable on a  hyperlink  control that functions the same thing but only in code behind
enclosed by " ".

The client-side code you specified calls a Javascript function called addlocation() which passes it a string value for the page you want. If you want to call the Javascript function from the server-side (the code behind set in C#), you need to use an ASP.NET control. The LinkButton comes to mind as a suitable control to use. There is a lot of online documentation regarding the LinkButton control. The gist however is as follows:
The client-side (HTML) for the LinkButton would be

<asp:LinkButton id="LinkButton1" Text="Home" OnClick="LinkButton1_Click" runat="server"/>

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The OnClick function will generate the OnClick event handler for the server-side code. This will look similar to the following

public void LinkButton1_Click(Object sender, EventArgs e) 
{
   // Add whatever C# code you need to here
}

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As a side note, if you need to call Javascript from the server-side, you would need to call the ScriptManager.RegisterStartupScript method. Also have a look at the ScriptManager.RegisterClientScriptBlock method.

I place this control in the masterpage. How will I access the control?

That's it ! Glad it worked

Using a string in c# for a HTML element is not the best way to do this.  You should be using  a ASP .NET control, or, creating a control from code behind with something like:

HyperLink link = new HyperLink();

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