ASB sells meatpacking district office-retail building for $129m

ASB Real Estate Investments has sold 875 Washington Street in the Meatpacking District, New York City, to Manhattan-based RFR Holding for $129.5 million.

ASB made the disposition on behalf of its Allegiance Real Estate Fund, a core investment vehicle.

The 70,766-square-foot, office-retail property is located at the corner of 14th Street near the southern end of the Highline and the Whitney Museum. ASB acquired the property in 2012 for $97.6 million.

“Although we’ve had recent success in executing leases at the property with retail tenants such as Vans, the sale presented an opportunity to reduce our overall urban retail holdings at this point in the real estate cycle, as we focus our acquisition activity on higher-income-producing industrial and multifamily investments,” said Brodie Ruland, ASB managing director and northeast region head.