Corporación Masaveu’s US real estate arm has bought an office building in Washington DC for $144m (€115.6m) from ASB Real Estate Investments.
Masaveu Real Estate US paid $1,287 per sqft for the 900 G Street NW building, marking a record for the city, according to industry sources.
The deal will help the Spanish firm increase its footprint in the US with a portfolio worth more than $720m.
ASB completed the sale of the 112,635sqft property on behalf of the Allegiance Fund, its $7.4bn core investment vehicle.
The property was developed by ASB in partnership with MRP Realty. In 2016, ASB took full ownership of the asset, which is now 95% leased.
Larry Braithwaite, senior vice president and portfolio manager of the Allegiance Fund, said: “We saw a strategic, and somewhat unique, opportunity to take advantage of domestic and international capital demand for new class-A product after successfully leasing up this one-of-a-kind trophy project.
“Given current supply-demand dynamics in the market, and the strong interest in assets of this calibre, the sale facilitated our plan for prudently managing the fund’s overall portfolio.”
ASB still owns more than $807m of real estate assets in Washington DC.