SEPTEMBER 22, 2016

ASB Secures $66.5 Million Fixed-Rate Financing on 900 G Street

WASHINGTON, DC – ASB Real Estate Investments announced today the securing of a $66.5 million, fixed-rate financing on 900 G Street, a recently completed 112,635-square-foot office building in Washington, DC’s East End submarket. ASB obtained the mortgage from Prudential Mortgage Capital Company on behalf of the Allegiance Fund, its $6.2 billion core investment vehicle, which owns the property.

ASB jointly developed 900 G Street in partnership with, MRP Realty, and delivered the property in early 2015. The property is 91% leased by notable, credit tenants, including Simpson Thacher, Swiss RE, Rio Tinto, Herman Miller, Truth Initiative, and BMW. The financing has a fixed rate of 3.31% and an 11-year term.

Larry Braithwaite, Senior Vice President and Portfolio Manager of ASB’s Allegiance Fund, said: “Allegiance Fund is pursuing a conservative strategy to leverage assets that are positioned to achieve the most favorable financing terms given prevailing market conditions. With a roster of blue-chip tenants, 900 G Street has quickly become recognized as the new trophy office standard in DC and has achieved among the highest rents in the market.”

With the closing of the Prudential loan, the Allegiance Fund has a debt balance of approximately $1.03 billion and a leverage ratio of 15.3%.

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 $6.8 billion* in gross assets under management for over 340 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 June 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.