875 Washington St. in Manhattan's Meatpacking District/ Photo courtesy of ASB

NEW YORK CITY—In approximately seven years, an ASB Real Estate Investments property in Manhattan's Meatpacking District has risen in value by $32 million. The real estate firm decided to sell its office-retail building located at 875 Washington St. at the corner of 14th St. for $129.5 million.

RFR Holding is buying the five-story, 70,766-square-foot property. Originally constructed in 1900, the building has found itself now situated at the southern end of the High Line and near the Whitney Museum. In 2012, ASB acquired the property for $97.6 million.

Brodie Ruland, ASB managing director and Northeast region head, explains the company's strategy in its decision to sell the property. “Although we've had recent success in executing leases at the property with retail tenants such as Vans, the sale presented an opportunity to reduce our overall urban retail holdings at this point in the real estate cycle, as we focus our acquisition activity on higher-income producing industrial and multifamily investments,” he says.