NEW YORK CITY—ASB Real Estate Investments has announced its nearly $44 million acquisition of a loft office building in Midtown South. The purchase, a joint venture with George Comfort & Sons, was made by ASB on behalf of its Allegiance Fund, a $5 billion core investment vehicle.
The seller was Lane Capital Partners and an investment partner. The nine-story building with 46,000 square feet of office and ground floor retail space is located at 7 W.18th St., two blocks from Union Square and within walking distance of Google headquarters and other nearby technology firms' offices, including Apple, Yelp, Adobe and Gawker.
The fully-leased property features characteristics sought by creative and tech tenants, including 11 to 12 foot ceilings, exposed ductwork, hardwood floors, and open floor plans. Current tenants include MSG Entertainment and Homenature, a furniture store.
"ASB has acquired a premier asset in one of Manhattan's most dynamic office leasing markets, supported by attractive growth drivers, including ready access to mass transportation, desirable residential neighborhoods, entertainment districts, and a massing of high-performance companies," says Brodie Ruland, SVP and head of Northeast investments at ASB.
ASB's portfolio in New York City features 12 investments valued at approximately $1 billion, including office and high-street retail assets in Soho, the Meatpacking District, Chelsea, the Financial District, and Brooklyn.
The company previously partnered here with GCS on 168 Canal St. and 158 W. 27th St.
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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.
