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Seattle & Northwest  + Washington  + Office  | 

ASB Trades DC Offices for $202M

ASB Real Estate Investments closed the $201.75-million sale of 64 New York Ave. NE, a 355,034-square-foot office building in Washington, DC’s NOMA submarket. The sale to Boyd Watterson Asset Management, LLC was made by ASB on behalf of its Allegiance Real Estate Fund, a $7.4-billion core vehicle.


Constructed in 1909 and extensively renovated in 2001, the five-story building with a basement is 97% 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 SVP Nicolas Franzetti said, “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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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