ASB Real Estate Investments is a leading real estate investment management firm with a focus on major U.S. urban markets.


ASB Real Estate Investments, a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.8 billion* in gross assets under management from over 340 institutional clients. Headquartered in the Washington, D.C. area, ASB invests in major urban markets across the United States, concentrating in office, multifamily, retail, and industrial properties.

Key Facts*


$7.8 BILLION GROSS AUM
340+ INSTITUTIONAL CLIENTS
163 ASSETS
12.5 MILLION SQUARE FEET

*as of September 30, 2018

An Irreplaceable Portfolio. A Strategic Presence in 24/7 Urban Markets.


We have built an irreplaceable portfolio comprising one-of-a-kind Class A office, multifamily, retail, and industrial assets in the nation’s most vibrant urban markets, coast-to-coast. Our tenant-centric investment approach delivers a 21st-century working, living, and shopping experience.

BOSTON
CHICAGO
DENVER
LOS ANGELES
MIAMI
MINNEAPOLIS

NEW YORK
PORTLAND
SAN FRANCISCO
SAN DIEGO
SEATTLE
WASHINGTON, DC

VIEW OUR INVESTMENTS

ASB's Differentiators


We invest in exceptional assets dynamic, urban markets where our tenants want to be.

Performance Comes First

Our investment professionals are guided by the firm’s steadfast fiduciary mission to generate outstanding risk-adjusted investment performance for our institutional clients and their beneficiaries.

Urban Expertise

Our teams are experts in identifying investment opportunities in emerging submarkets within major U.S. cities, seeking assets which can generate solid long-term income growth and appreciation.

Tenant-Centric Investing

Our investment methodology anticipates the motivations and requirements of tenants; we only consider assets with specific competitive advantages that meet tenants’ needs over the investment lifecycle.

Accountability and Continuity

Each investment team is responsible and held accountable for asset performance results through its entire holding period from acquisition, strategic planning, asset management, and leasing to eventual disposition.

No Competing Mandates

We manage a limited number of real estate investment products with clear, compelling strategies and no competing mandates.

Commitment to the Community

We are dedicated to making the places we invest in better – actively seeking opportunities to generate positive social and environmental impacts, and committed to sustainability initiatives.

Our History


ASB Capital Management was founded in 1983 as an independent subsidiary of American Security Bank, one of the largest financial institutions in Washington, D.C.

1983
The Company is Founded

ASB Capital Management is founded.

1984
The Allegiance Fund

ASB forms the Allegiance Real Estate Fund.

1997
ASB is Acquired

ASB is acquired by B.F. Saul Company as an independent subsidiary

2003
New Leadership

Robert Bellinger, CFA, joins ASB Capital Management to lead its real estate group. Allegiance Real Estate Fund’s assets under management is $150 million.

2006
Allegiance Fund's AUM Tops $1 Billion

Allegiance Fund’s assets under management total over $1 billion.

2010
Meridian Real Estate Fund

As the U.S. economy starts its recovery, ASB launches its Meridian Real Estate Fund I.

2011
Allegiance Real Estate Fund

The ASB Allegiance Real Estate Fund is admitted to the NFI-ODCE.

2012
Allegiance Restructures to LP/REIT

The ASB Allegiance Real Estate Fund is restructured to a Limited Partnership/REIT allowing endowments, foundations, and offshore institutions to invest in the fund.

2014
ASB Launches Community Service Initiative Program

ASB commits to fostering and encouraging staff to give back to their communities.

2015
Meridian I Fully Realized; Meridian II Launched

Following the successful realization of Meridian Fund I, ASB launches the Merdian Fund II.