FEBRUARY 24, 2016

ASB and L3 Capital Acquire SoHo Loft Building for $42 Million

NEW YORK, NY – ASB Real Estate Investments announced today the $42 million acquisition of 61-63 Crosby St., a four-story loft building in SoHo. The purchase was made through a joint venture between L3 Capital and ASB on behalf of its Allegiance Fund, a $5.1 billion core investment vehicle.

ASB and L3 plan to redevelop and reposition the formerly residential co-op building, located between Spring and Broome Streets, into a commercial property, taking advantage of SoHo’s transformation into a luxury shopping destination and hub for creative office tenants. The 28,860-square-foot building features attractive brick-and-beam construction and nearly 50 feet of prime frontage on highly-trafficked Crosby Street. Major subway stops are within a short walking distance.

Brodie Ruland, Senior Vice President and Northeast Region Head at ASB, said: “SoHo has become one of the country’s preferred locations for high fashion retailers and the Crosby Street investment fits ASB’s strategy to build a portfolio of properties in high demand urban growth corridors with an emphasis on high street retail, creative office, and apartments.”

ASB’s $1 billion New York City portfolio of retail and office properties now totals 13 investments. ASB and Chicago-based L3 have partnered on three other acquisitions in New York: 72-76 Greene Street and two retail investments on North 6th Street in Williamsburg.

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 $6.3 billion* in gross assets under management for over 300 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 Fund, a low-leverage value creation vehicle; and a development separate account.

L3 Capital
L3 Capital is a best-in-class boutique prime urban retail real estate investment firm that targets institutional quality core-plus and value-add urban retail investments within first tier metropolitan markets. Headquartered in Chicago IL, L3 invests in major urban markets across the country, concentrating in retail and mixed-use properties.

* as of December 31, 2015

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.