ASB Real Estate Investments, a division of ASB Capital Management, LLC, a U.S. real estate investment management firm with $8.0 billion in gross assets under management as of June 30, 2019, has sold office building, 158 West 27th Street in Manhattan to the Swiss-based real estate investor AFIAA Foundation.
Established in 2004, AFIAA Foundation has its head office in Zurich, as well as subsidiaries in New York and Sydney. AFIAA has net assets of CHF 2.6 billion under management via its four investment groups
Built in 1913 and currently 92% leased, the 12-story, 118,776-square-foot Manhattan office building with retail space, was purchased in 2014 by ASB on behalf of its core investment vehicle, the Allegiance Real Estate Fund, in partnership with George Comfort and Sons.
“At this point in the real estate cycle, ASB is selectively and strategically trimming our office and retail portfolio in the New York market, while concentrating new investments in industrial and workforce housing nationally,” said ASB Managing Director Brodie Ruland.