APRIL 30, 2019

ASB Sells Meatpacking District Office-Retail Building for $129.5 Million

NEW YORK, NY — ASB Real Estate Investments (ASB) today announced the sale of 875 Washington Street in the Meatpacking District to Manhattan-based RFR Holding LLC for $129.5 million. ASB made the disposition on behalf of its Allegiance Real Estate Fund, a core investment vehicle.  The 70,766-square-foot, office-retail property is located at the corner of 14th Street near the southern end of the Highline and the Whitney Museum.  ASB acquired the property in 2012 for $97.6 million.

Brodie Ruland, ASB Managing Director and Northeast Region Head, said: “Although we’ve had recent success in executing leases at the property with retail tenants such as Vans, the sale presented an opportunity to reduce our overall urban retail holdings at this point in the real estate cycle, as we focus our acquisition activity on higher-income producing industrial and multifamily investments.”

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.

*as of March 31, 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.