APRIL 23, 2021

ASB Sells DC Office Building for $201.75 Million

Washington, D.C. — ASB Real Estate Investments (ASB) announced today the $201.75 million sale of 64 New York Avenue NE, a 355,034-square-foot office building in the NOMA submarket. The sale to Boyd Watterson Asset Management, LLC was made by ASB on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle.

Constructed in 1909 and extensively renovated in 2001, the five-story building with a basement is 97% leased, primarily to various District government agencies, including the Metropolitan Police and Department of Health Services. It features expansive 55,000-square-foot floor plates and two elevator cores.

ASB Senior Vice President Nicolas Franzetti said: “Emerging from the pandemic-generated recession, ASB has seized on an excellent opportunity to execute on our ongoing strategy to trim portfolio exposure in office and retail and redeploy capital into industrial and multifamily assets.”

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 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.

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