JULY 16, 2021
ASB-LPC Joint Venture Sells Life Sciences Property for $38 Million After Successful Value-Add Strategy
Boston, MA — ASB Real Estate Investments (ASB) today announced the sale of a 121,312-square-foot office building in Lexington, MA for $38 million to North River Leerink (NRL), a joint venture partnership between North River Company and Leerink Development. The sale of the property, located at 91 Hartwell Ave., was made on behalf of ASB’s Meridian Real Estate Fund II, a $175 million value creation vehicle.
In 2018, ASB and joint venture partner Lincoln Property Company bought 91 Hartwell for $22.2 million. The asset, located in an emerging lab and technology corridor, hosts a combination of traditional office and life science tenants. Last year, despite the COVID-19 pandemic, the partnership signed 47,000 square feet of new leases and renewals, and successfully secured the entitlements to develop a new 100,000-square-foot lab building on a large surface parking lot included with the property.
Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, said: “Given the massive supply/demand imbalance for lab space in Boston, we identified 91 Hartwell as a great opportunity to go through the entitlement process to develop an attractive life sciences campus. The successful execution of our strategy to stabilize the asset and secure the entitlements resulted in an opportunistic disposition.”
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 more than $7.8 billion in gross assets under management for over 325 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients.
*as of March 31, 2021
The portfolio investments described herein are not representative of all ASB portfolio investments. It should not be assumed that other portfolio investments will have the same or similar characteristics. There can be no assurance that any such trends will continue. 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.