Manhattan-based RFR Holding has acquired a 70,766sqft office-retail property from a fund managed by ASB Real Estate Investments for $129.5m (€115.4m).
ASB said it sold the 875 Washington Street building in the Meatpacking District on behalf of its Allegiance Real Estate Fund, a core investment vehicle.
The disposal is part of ASB’s plan to rebalance the core real estate fund by reducing its “urban retail holdings” to focus on ”higher-income producing” industrial and multifamily investments.
ASB acquired the property in 2012 for $97.6m.
Brodie Ruland, ASB managing director and northeast region head, said: “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.”