ASB sells DC office building for USD201.75m
ASB Real Estate Investments (ASB) has announced the USD201.75 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 USD7.4 billion core vehicle.
Constructed in 1909 and extensively renovated in 2001, the five-story building with a basement is 97 per cent 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 says: “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.”