DENVER-ASB Real Estate Investments has spent $53.5 million to acquire a 113,000-square-foot class A office building, in Denver's LoDo district.
The LEED Silver certified, the five-story building at 1755 Blake St. is located near the city's expanding multi-modal, mass transit and rail hub, but also just two blocks from the popular 16th Street pedestrian mall, and from Union Station.
The purchase was made on behalf of ASB's Allegiance Fund, a $3.1 billion core real estate vehicle, which earlier this year bought 1512-1517 Wazee St., also in LoDo. The seller is a private real estate fund advised by Crow Holdings Capital Partners, L.L.C.
“At ASB, we see the ongoing $500 million Union Station expansion driving the continuing evolution of LoDo into one of the nation's most attractive and dynamic urban submarkets, while providing tremendous underpinnings for future investment growth in and around Denver's core,” said Aaron Duncan, VP of ASB. “In addition to convenience of light rail and shuttle bus service and a pedestrian-friendly environment, the mix of commercial, residential, restaurants, shops and entertainment in the neighborhood will also help attract greater tenant demand for a long time to come.”
Besides LoDo, ASB has acquired assets in other high-demand U.S. urban districts, spending about $1 billion during the year for office, apartment and high-street retail properties in New York, San Francisco, Los Angeles, Chicago, Boston, Washington DC, and Miami.
1755 Blake Street is fully leased and offers desirable office tenant features including high ceilings, floor-to-ceiling windows, open floor plans, and an energy efficient underfloor heating-cooling system. In addition to nearly 100,000 square feet of office space, the building has approximately 13,000 square feet of street-front retail and an underground parking garage for 148 cars.
ASB Real Estate Investments, Washington DC, is a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with over $4.4 billion in gross assets under management for approximately 213 institutional clients.
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