MARCH 3, 2016

ASB Buys LEED Gold Office Building in Portland’s Close-In Eastside for $34 Million

PORTLAND, OR – ASB Real Estate Investments announced today the $33.8 million acquisition of River East at 1515 SE Water Ave., a four-story, LEED-certified Gold office building on the city’s Eastside. The purchase from two private owners was made by ASB on behalf of its Allegiance Fund, a $5.1 billion core investment vehicle.

Developed in 1952 and completely renovated in 2006, the 98,860-square-foot building is fully leased and features large open floor plates, exposed ceilings with 20-foot slab-to-slab heights, and expansive windows with views of the Willamette River. The 3.63-acre site, which includes parking spaces for 176 cars, sits at the foot of the Hawthorne Bridge connecting to downtown. Additionally, the building is situated within blocks of the Portland Streetcar line. The close-in Eastside submarket has been a particular draw for tech-related and creative tenants, moving into and expanding within the Portland market, and boasts the lowest office vacancy rate in the city.

David Quigley, Managing Director and Chief Investment Officer of ASB Real Estate Investments, said: “River East is located in one of the city’s most dynamic neighborhoods, which fits ASB’s strategy for acquiring urban properties in the path of growth. We believe this building is well suited to benefit from future demand from creative, high tech companies seeking attractive office space.”

In January, ASB also acquired a majority interest in 1010 Flanders, a property in the city’s Pearl District that will be redeveloped into creative office space.

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.