JANUARY 4, 2016

ASB Venuture Acquires Chelsea Loft Office Building for $43.6 Million

NEW YORK, NY – ASB Real Estate Investments announced today the $43.6 million acquisition of a prime loft office building in the heart of Manhattan’s rapidly expanding Midtown South tech corridor. The purchase, a joint venture with George Comfort & Sons (GCS), was made by ASB on behalf of its Allegiance Fund, a $5 billion core investment vehicle. The seller was Lane Capital Partners and an investment partner.

The nine-story building with 46,000 square feet of office and ground floor retail space is located at 7 W. 18th Street, just two blocks from Union Square and within walking distance of Google headquarters, as well as other nearby tech company offices, including Apple, Yelp, Adobe and Gawker. The fully-leased property features characteristics highly desirable to creative and tech tenants: 11 to 12 foot ceilings, exposed ductwork, hardwood floors, and open floor plans. Current tenants include MSG Entertainment and Homenature, an upscale furniture store.

Brodie Ruland, Senior Vice President and Head of Northeast Investments at ASB Real Estate Investments, said: “ASB has acquired a premier asset in one of Manhattan’s most dynamic office leasing markets, supported by attractive growth drivers, including ready access to mass transportation, desirable residential neighborhoods, entertainment districts, and a massing of high-performance companies.”

ASB’s portfolio in New York City features 12 investments valued at approximately $1 billion, including office and high‐street retail assets in SoHo, the Meatpacking District, Chelsea, the Financial District, and Brooklyn. The company focuses its overall investment activity on major U.S. cities including Washington DC, Boston, Chicago, San Francisco, Los Angeles, Miami and Denver.

ASB previously partnered with GCS on 168 Canal St. and 158 W. 27th St. in Manhattan.

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, managing $6.0 billion* in gross assets under management for over 300 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 Fund, a low-leverage value creation vehicle; and a development separate account.

* as of September 30, 2015

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.