Boston—March 13, 2014—ASB Real Estate Investments announced today the sale of 31 Milk Street, a 94,000‐square‐foot office building in Boston’s central business district for $24 million on behalf of its Meridian Fund, a value add investment vehicle. The buyer of the property is Aegean Capital.

ASB purchased 31 Milk in January 2011 from a special servicer after a foreclosure on the property. At the time of acquisition 31 Milk was only 64% leased. Capital improvements followed by a strategic leasing program increased occupancy to 90% as the local office market strengthened, repositioning the asset for disposition.

Jim Darcey, Managing Director and Portfolio Manager of the Meridian Fund, said: “The successful implementation of our property enhancement plan was well timed to take advantage of the expected step‐up in tenant demand, enabling us to stabilize the asset and execute our business plan.”

Late last year, ASB acquired four buildings along Boylston and Newbury streets, securing a strong retail presence in the exclusive Back Bay shopping district for its core real estate vehicle, the ASB Allegiance Real Estate Fund.

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm, managing over $4.9 billion* in gross assets under management for approximately 226 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multi‐family, retail and industrial properties. Applying a disciplined strategy, ASB manages the Allegiance Fund, its sole vehicle for core investing, as well as the Meridian value‐add fund and a development separate account.

* as of December 31, 2013

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.