ASB Sells Two Denver Office Buildings for $85.5 Million

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OCTOBER 5, 2021

ASB Sells Two Denver Office Buildings for $85.5 Million

[/vc_column_text][vc_column_text]Denver, CO —ASB Real Estate Investments (ASB) announced today the sale of two office buildings, located in the LoDo submarket, for $85.5 million to Unico Properties. ASB completed the disposition on behalf of its Allegiance Real Estate Fund, a $7.4 billion core investment vehicle.

The sale properties‒1755 Blake St., a LEED-certified, five-story brick building; and the historic, five-story Hardware Block at 1515-1527 Wazee St., constructed in 1895‒total 170,472-square feet of space. The buildings are a short distance from Denver’s transport hub, Union Station, at the center of the city’s popular restaurant and entertainment district. ASB acquired the assets in 2013 for $69.8 million.

David Quigley, ASB’s Chief Investment Officer, said: “The sale is part of ASB’s portfolio strategy to strategically and selectively reduce office exposure and increase investments in industrial and apartment assets.”

ASB continues to own Colorado Center, the one-million-square-foot office complex located between downtown and the Denver Tech Center at 2000 South Colorado Boulevard, in a joint venture with Lincoln Property Company.

JLL marketed the property on behalf of ASB. The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Director Mark Katz and Senior Director Peter Merrion. Unico Properties is a Seattle-based private real estate investor and operator.

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 $7.9 billion* in gross assets under management for over 325 institutional clients. With offices in Bethesda, MD and Palo Alto, CA, 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[/vc_column_text][vc_column_text uncode_shortcode_id=”693080″]

*as of June 30, 2021
The portfolio investments described herein are not representative of all ASB portfolio investments. It should not be assumed that other portfolio investments will have the same or similar characteristics. There can be no assurance that any such trends will continue. 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. ASB Allegiance Real Estate Fund is a registered mark in the U.S. Patent and Trademark Office.

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