NEW YORK, NY – ASB Real Estate Investments acquired majority ownership in 155 Mercer Street, the location of Dolce & Gabbana’s New York City flagship store in SoHo for $93 million. The investment forms a joint venture with Thor Equities, and was made by ASB on behalf of its Allegiance Fund, a $6.2 billion core investment vehicle.

The three-story, 14,600-square foot, high-street retail building, constructed as a firehouse in 1854, will be transformed into a trophy shopping location. The property features 45 feet of frontage along Mercer Street’s “Luxury Row,” a one-block stretch that includes stores for Marc Jacobs, Marni, Tory Burch, Balenciaga, Prada, Versace, and Vera Wang. The renovated building will feature a restored façade as well as new storefront, building systems, elevators, and skylight windows. Oversized floor-to-ceiling, arched windows and unobstructed floor-to-ceiling glass windows will create a prime selling space. The Prince Street/Broadway subway station is one block away connecting to East Side, West Side and Brooklyn destinations.

Brodie Ruland, ASB Senior Vice President and Northeast Region Head, said: “155 Mercer is one of the most prominent retail locations in SoHo, which has become one of Manhattan’s most desirable districts for high fashion retailers.”

ASB now has 15 major New York retail, office, and residential investments totaling approximately $1.1 billion. Since 2012, ASB and Thor have invested together in eight retail assets in New York, Miami, Chicago and Los Angeles.

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 $7.1 billion* in gross assets under management for over 340 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; ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

* as of September 30, 2016

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.