US asset manager Boyd Watterson Asset Management has bought a $201.75m (€166.8m) office building in Washington,  DC from a fund managed by ASB Real Estate Investments.

ASB said it sold the 64 New York Avenue NE building asset on behalf of Allegiance Real Estate Fund, a $7.4bn core real estate vehicle.

Constructed in 1909 and renovated in 2001, the five-storey 355,034sqft office building in the NOMA submarket is 97% leased, primarily to various district government agencies.

Nicolas Franzetti, ASB senior vice president, said: “Emerging from the pandemic-generated recession, ASB has seized on an excellent opportunity to execute on our ongoing strategy to trim portfolio exposure in office and retail and redeploy capital into industrial and multifamily assets.”

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