DECEMBER 26, 2017
ASB Acquires 355,034 Square-Foot Office Building in Washington, DC
WASHINGTON, DC – ASB Real Estate Investments announced today the acquisition of 64 New York Avenue, a recently renovated 355,034-square-foot office building at the corner of Massachusetts Avenue in the rapidly growing NoMa district. The property includes a new 285-space parking structure and a 95-space surface parking lot with development rights and density allowances to accommodate up to an additional 500,000 square feet of commercial space. The acquisition from Brookfield Opportunity Fund was made by ASB on behalf of its Allegiance Fund, a $7.1 billion* core vehicle.
A warehouse to office conversion with flexible floor plates of up to 50,000 square feet and exposed 13-foot ceilings, the five-story office building is 99% leased on a long-term basis, primarily to DC government agencies, including the Metropolitan Police and Department of Health Services. The property is within two blocks of the NoMa/Gallaudet University Metrorail station and offers direct access and visibility along Route 50 and I-395. New York Avenue is the primary westbound entry point into the District from the east and trafficked by 58,000 cars daily. Union Market, Uline Arena and Union Station are all within walking distance of the property.
ASB Senior Vice President Nicolas Franzetti, who led the acquisition team, said: “The surrounding area is quickly becoming a highly desirable mixed-use neighborhood with a wave of new apartment buildings and retail projects in the pipeline that will add to its vibrancy over the next several years. This property offers us excellent optionality and is well positioned in the broader DC market in the coming years.”
Built in 1909 as a warehouse eventually serving the People’s Drugs pharmacy chain, the property was expanded and later renovated into office space. The most recent upgrades, completed in 2016, included enhancements to the building façade, lobby, HVAC, electrical systems, elevators, and roof as well as construction of a 2,200-square-foot fitness center on the lower level.
ASB owns approximately $800 million of properties in the District, Maryland and Virginia, including 11 assets.
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 with $7.5 billion* in gross assets under management for over 360 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visit www.asbrealestate.com.
*as of September 30, 2017
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.