Latitude 34 Trades Hands for $133M

PLAYA VISTA, CA—ASB Real Estate Investments has sold Latitude 34, an office building in Playa Vista, CA, through its $3.2 billion real estate fund, Allegiance Real Estate Fund. Clarion Partners purchased the 301,642-square-foot building for $132.7 million.

According to David Quigley, ASB Real Estate’s chief investment officer, the company sold the property in response to the improving office market and increasing demand for office properties, specifically in the South Bay area. “The improving market translated to buyer interest at a price that we thought presented an attractive exit opportunity,” Quigley tells GlobeSt.com. ASB will use the funds from the sale for other investment opportunities. The company focuses on investment opportunities in gateway US markets, including Boston, New York, Washington DC, Miami, Chicago, Denver, Minneapolis, Seattle, Portland, San Francisco, LA, and San Diego.