FEBRUARY 23, 2018

ASB Sells Capella Tower Complex in Portfolio Rebalancing

Minneapolis, MN — ASB Real Estate Investments announced today the sale of the landmark skyscraper Capella Tower and the adjoining Star Tribune Building to Shorenstein Properties LLC for $255 million. ASB made the sale on behalf of its Allegiance Fund, a $7.4 billion* core vehicle. Completed in 1991 with direct access to the downtown skyway, Capella Tower is a 58-story, Gold LEED certified, Class A office building located at 225 South Sixth St. Together with the adjoining 20-story Star Tribune building, the complex comprises 1.4 million square feet.

Larry Braithwaite, Senior Vice President and Portfolio Manager of ASB’s Allegiance Fund, said: “After successfully owning the asset for 11 years, Capella had become a less strategic investment from a portfolio diversification standpoint, and the current market dynamics presented a good opportunity to sell and redeploy capital.”

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.7 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

*as of December 31, 2017 

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.