Boyd Watterson Asset Management has acquired 64 New York Avenue NE office, for $202 Million

Boyd Watterson Asset Management has acquired 64 New York Avenue NE, a 355,034-square-foot office building in Washington, D.C.’s NoMa submarket, for $201.8 million. ASB Real Estate Investments sold the property on behalf of its $7.4 billionAllegiance Real Estate Fund. The firm sold the property as part of a shift in strategy on asset classes.

ASB’s senior vice president Nicolas Franzetti said,” 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”.

The five-story property, with a basement, was originally built in 1909 and underwent a major renovation in 2001. The building features 55,000-square-foot floor plates and contains two elevator cores.  At the time of the sale, it was 97 percent leased, with a tenant roster that included the Metropolitan Police Service, Department of Health Services, and other District government agencies.