NOVEMBER 21, 2024
ASB Sells Soho Office/Retail Portfolio for $198 Million
NEW YORK, NY – ASB Real Estate Investments (ASB) sold a 131,000-square-foot real estate portfolio of four office-retail assets in the downtown SoHo district to Blackstone for $198 million. ASB made the sale on behalf of its Allegiance Real Estate Fund, a core investment vehicle.
The portfolio included the following properties:
- 61 Crosby St., a 32,400-square-foot office/retail building
- 72-76 Greene St., a 45,155-square-foot retail property
- 415 W Broadway, a 41,170-square-foot office/retail building
- 465 Broadway, a 12,232-square-foot retail property
ASB President and CEO Robert Bellinger said: “The transaction includes a large office component — about 56% of the square footage — and the sale aligns with ASB’s strategy to sell most of our office investments in favor of concentrating in industrial, apartment and self-storage sectors, which we expect to have stronger risk-adjusted returns. Since 2021, ASB has successfully sold $870 million in office properties across the country.”
About ASB Real Estate Investments
ASB Real Estate Investments, a division of ASB Capital Management LLC, is a leading U.S. real estate investment management firm with $6.2 billion* in gross assets under management from over 310 institutional clients. Headquartered in the Washington, D.C. area, ASB invests in high-demand markets across the United States, concentrating in industrial, multifamily, self-storage, retail, and office properties.
* as of September 30, 2024
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.