FEBRUARY 23, 2016

ASB and Lincoln Acquire Prime Seaport District Office Building

BOSTON, MA – ASB Real Estate Investments announced today the $74.25 million acquisition of 333 Summer St., a 118,000-square-foot office building in Boston’s prime Seaport District. The purchase, a joint venture with Lincoln Property Company, was made by ASB on behalf of its Allegiance Fund, a $5.1 billion core investment vehicle. The property recently underwent a $13 million base building renovation project for tenant LogMeIn, Inc., a PC data systems management firm. ASB Allegiance Fund also owns 320 Summer Street, directly across the street, which is also leased to LogMeIn.

A highly desirable brick-and-beam loft-style office building, 333 Summer features seven stories of above and below grade space with ceilings as high as 17 feet as well as new mechanical systems, elevators and restored timber and wood floors.

Brodie Ruland, Senior Vice President and Northeast Region Head at ASB, said: “ASB continues its strategy of investing in creative office buildings in the nation’s most desirable high-growth urban submarkets. In particular, the Seaport District stands out for its strong underlying fundamentals with the lowest vacancies and some of the highest commercial rents in Boston.”

Together with the two Summer Street buildings, ASB’s Boston area investments total approximately $1 billion. Other area investments include Two Financial Center in the Financial District, The Green District (a multifamily property in Alston), Station Landing (a mixed-use property in Medford), Peninsula (a multifamily asset in Boston) , and a Back Bay high street retail portfolio.

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.

* 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.

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