Corporaci贸n Masaveu鈥檚 US real estate arm has bought an office building in Washington DC for $144m (鈧�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: 鈥淲e 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.
鈥淕iven 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鈥檚 overall portfolio.鈥�
ASB still owns more than $807m of real estate assets in Washington DC.
