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.  

ASB has been taking advantage of this revitalized office market from the opposite side as well. Due to the tenant surge, it recently purchased a class-A office building in San Francisco for $61.3 million. “Today, ASB's Allegiance Fund is focused on compelling urban investments with specific competitive advantages in desirable submarkets with great fundamentals,” Quigley says. “We remain focused on high-street and urban retail, creative urban office, technology-oriented industrial and urban multifamily investments in our target markets.

ASB Real Estate developed the property with Lincoln Properties in 2010. The LEED-certified office property has two buildings, one five-story, 100,685-square-foot building and another six-story, 193,806-square-foot building, as well as a freestanding parking structure. Additionally, the property has 7,151 square feet of retail space.

Other Los Angeles projects from ASB include a recent partnership with Blatteis & Schnur to invest $62 million in a warehouse project in Downtown Los Angeles. The joint venture purchased a block of warehouses for $32 million and will invest an additional $30 million to create a 125,000-square-foot retail property.