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Washington DC   /   April 26, 2021

Paul Bubny
By: Paul Bubny

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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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.
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