NEW YORK CITY—ASB Real Estate Investments has acquired 158 W. 27th St., a 12-story loft office building for $82.5 million. ASB made the investment in the 117,158-square-foot space on behalf of its Allegiance Fund, a $4 billion core investment vehicle, in a joint venture with George Comfort & Sons.
The building, located between 6th and 7th Avenues, is 92% leased and draws a diverse rent roll of tenants in financial services, fitness, technology, fashion, architecture and real estate. Within walking distance are the Fashion Institute of Technology, Penn Station, Madison Square Park, Eataly, the Flatiron District, Tiffany's HQ, and the Hudson Yards District as well as burgeoning residential neighborhoods.
Says Brodie Ruland, SVP of ASB Real Estate Investments, “Recent upgrades and future planned enhancements are transforming the property into the highly attractive loft office space that cutting edge companies and their employees desire as they continue to cluster in Midtown South. High ceilings with exposed duct work; large, new double-hung windows; hardwood floors, and efficient side-core floor plates appeal to market demand for work space with an abundance of natural light, flexibility, and style.”
In recent years, ASB has made 10 investments in New York City totaling approximately $800 million, concentrating on office and high-street retail in SoHo, the Meatpacking District, Brooklyn, Chelsea, and the Financial District. The company focuses its overall investment activity on major US cities including Washington DC, Boston, Chicago, San Francisco, Los Angeles, Miami and Denver.
This marks the firm's second joint venture with George Comfort & Sons. In 2013, the partnership acquired 164-168 Canal St., a six-story, 49,951-square-foot mixed-use property.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
