ASB Real Estate Investments has sold a 121,312-square-foot office building in Lexington, Mass., for $38 million to North River Leerink, a joint venture partnership between North River Co. and Leerink Development. The sale of the property, located at 91 Hartwell Ave., was made on behalf of ASB’s Meridian Real Estate Fund II, a $175 million value creation vehicle.
In 2018, ASB and joint venture partner Lincoln Property Co. bought 91 Hartwell for $22.2 million. The asset, located in an emerging lab and technology corridor, hosts a combination of traditional office and life sciences tenants. In 2020, despite the COVID-19 pandemic, the partnership signed 47,000 square feet of new leases and renewals, and successfully secured the entitlements to develop a new 100,000-square-foot lab building on a large surface parking lot included with the property.
Brodie Ruland, ASB managing director and co-head of acquisitions, said, “Given the massive supply/demand imbalance for lab
