OCTOBER 25, 2019

ASB Sells Manhattan Creative Office Building

NEW YORK, NY — ASB Real Estate Investments (ASB) announced today the sale of 158 West 27th Street in Manhattan to the Swiss-based real estate investor AFIAA Foundation. Built in 1913 and currently 92% leased, the 12-story, 118,776-square-foot creative building with retail space, was purchased in 2014 by ASB on behalf of its core investment vehicle, the Allegiance Real Estate Fund, in partnership with George Comfort and Sons.

ASB Managing Director Brodie Ruland said: “At this point in the real estate cycle, ASB is selectively and strategically trimming our office and retail portfolio in the New York market, while concentrating new investments in industrial and workforce housing nationally.”

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 $8.0 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 and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

About George Comfort and Sons
Now in its 10th decade of growth, George Comfort & Sons is a market leader in the real estate industry. Currently, the firm manages over 13.5 million square feet of commercial property. GCS’ blue chip base of Institutional Investors rely on the firm’s proven expertise in positioning properties and optimizing value in complex urban and suburban environments.

*as of June 30, 2019
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.