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ASB Trades Meatpacking Office-Retail to RFR in Off-Market Deal
ASB Real Estate Investments has sold 875 Washington St. in the Meatpacking District to RFR Holding LLC for $129.5 million. ASB made the disposition on behalf of its Allegiance Real Estate Fund, a core investment vehicle. No brokers were involved in the off-market sale to RFR.
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, managing director and Northeast region head at ASB, 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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
