JANUARY 12, 2017
ASB and Lincoln Secure $63 Million Financing on Seaport District Office Properties
BOSTON, MA – ASB Real Estate Investments announced today the $63 million financing by The Hartford Financial Services Group Inc. for two Seaport District office buildings—320 and 333 Summer Street—at a 3.65% fixed rate and ten-year term. The buildings are owned by ASB’s Allegiance Fund, a $6.8 billion, open-end core investment vehicle, in joint venture with Lincoln Property Company.
Brodie Ruland, an ASB Senior Vice President and head of the Northeast Region, said: “ASB completed the financing as part of its overall strategy to leverage assets that are positioned to achieve the most favorable financing terms given current advantageous market conditions. These buildings feature high occupancies and a highly desirable credit tenant in one of Boston’s most attractive office submarkets.”
Located directly across from each other on Summer Street, the two properties total 217,000 square feet of prime loft-style office space and are 97% leased on a long-term basis to LogMeIn, a PC data systems management firm, which is merging into a subsidiary of Citrix. The new combined Citrix unit has announced plans to consolidate operations to the Summer Street buildings.
ASB’s Boston area investments total approximately $1 billion and also 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 property in Boston) , and a 51,000 square foot Back Bay high street retail portfolio.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management, and leasing worldwide. Lincoln has offices in all major markets of the US and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Access www.lpc.com for more information.
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 billion* in gross assets under management for over 360 domestic and international 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, 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.