OCTOBER 25, 2018

ASB Sells 400 Madison Avenue for $194.5 Million

NEW YORK —  ASB Real Estate Investments (ASB) announced today the sale of 400 Madison Avenue, a 180,000-square-foot office building near Grand Central Station, for $194.5 million to Daishin Securities, a Korean financial services company. ASB completed the transaction on behalf of its Allegiance Real Estate Fund, a $7.3 billion core investment vehicle.

The 21-story landmarked building, located between 47th and 48th streets, was constructed in 1929 and purchased by ASB in 2012. ASB completed a common area renovation, façade overhaul, and a spec suite program, which positioned 400 Madison as a best-in-class boutique building, attracting a mix of tenants seeking commuting convenience through Grand Central station.

Brodie Ruland, ASB Senior Vice President, said: “We took the opportunity to harvest the investment after successfully enhancing the building through our value-add strategy and taking advantage of buyer interest in securing a core asset in a prime Midtown location.”

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 $7.8 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 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, 2018 

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.