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.”
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.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.