January 25, 2018

ASB Sells 900 G Street Office Building

WASHINGTON, DC – ASB Real Estate Investments announced today the sale of 900 G Street NW, a trophy 112,635-square-foot office building in the East End submarket of Washington, DC, for $144 million to an affiliate of Masaveu Real Estate US that was advised by EXAN Capital. The strategic acquisition of 900 G will grow Masaveu’s footprint in the U.S. with a portfolio value of more than $720 million. ASB completed the transaction on behalf of the Allegiance Fund, its $7.4 billion core investment vehicle that owned the property.

ASB developed 900 G Street in partnership with MRP Realty and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The property is now 95% leased to high profile and blue-chip legal and government affairs tenants including Simpson Thacher, Swiss RE, Rio Tinto, Herman Miller, Truth Initiative, and BMW.

The project was designed by Gensler and earned NAIOP’s award for Best Urban Office Building up to 150,000 square feet in 2016.

Larry Braithwaite, Senior Vice President and Portfolio Manager of ASB’s Allegiance Fund, said: “We saw a strategic, and somewhat unique, opportunity to take advantage of domestic and international capital demand for new Class A product after successfully leasing up this one of a kind trophy project.”

“Given current supply/demand dynamics in the market, and the strong interest in assets of this caliber, the sale facilitated our plan for prudently managing the Fund’s overall portfolio,” Braithwaite said.

ASB retains more than $807 million of investments in the Washington region, including 64 New York Avenue NE, a 355,000-square-foot government-leased office building in NOMA that ASB acquired in December 2017. Eastdil Secured LLC was ASB’s broker in connection with the sale, and DLA Piper LLP (US) served as ASB’s counsel.

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 $7.7 billion* in gross assets under management for over 350 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.

About Masaveu Real Estate US
Masaveu Real Estate US is a wholly owned subsidiary of Corporacion Masaveu S.A., which is a corporate group founded in 1840 by the Masaveu family with $4 billion in gross assets under management. The company holds a wide, internationally diversified business portfolio with a presence in different strategic sectors such as energy, finance and manufacturing. With more than 175 years of history, Corporación Masaveu has sustained a strong and successful track record of investments and dispositions driven by value generation, long-term profitability and sustainable growth models. The company has a prudent risk diversification policy with a low debt ratio and is committed to establishing experienced management teams. Over the last three years, Masaveu Real Estate has acquired a total asset value of more than $720 million located in Miami, Houston, and Washington, DC. Masaveu focuses on investing in core trophy assets, in primary markets across the U.S. as well as parking facilities with more than 10,000 parking spaces in Europe.

About EXAN Capital
EXAN Capital is an international full-service real estate investment and advisory firm headquartered in Miami, Florida. Founded in 2014, EXAN Capital has secured the acquisition of approximately $2 billion in assets throughout the U.S. and has 3 million square feet under management. The firm’s vertically integrated approach combines operating expertise and local knowledge for the successful long-term growth for their clients and limited partners. EXAN’s established target markets are core markets in the U.S. For more information, visit www.exancapital.com.

*as of January 24, 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.