ASB Real Estate Trades DC Office Building for $202M
Originally built as an industrial structure in 1909 and extensively renovated in 2001, the five-story property is primarily leased to government agencies.
64 New York Ave. NE. Image courtesy of ASB Real Estate Investments
ASB Real Estate Investments has sold a 355,034-square-foot office building in Washington, D.C., on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle. Boyd Watterson Asset Management acquired the property for $201.8 million, two months following its $95 million purchase of a 360,000-square-foot Denver office campus.
According to CommercialEdge, ABS paid $186.7 million for the D.C. property in 2017. That sale had been subject to a $115 million loan from Capital One.
Built as a warehouse in 1909, the property was redeveloped in 2001. The five-story building is home to several government tenants, including the Metropolitan Police and Department of Health Services. The asset includes 10,000 square feet of retail space and two elevator cores.
Located at 64 New York Ave. NE, on roughly 3 acres, the building is within 2 miles of the White House and 6 miles from Ronald Reagan Washington National Airport. The asset is also 7 miles from a 5-acre, mixed-use development in College Park, Md. The project, which will be constructed in four phases, is expected to cost at least $300 million.
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