ASB and Lincoln Sell Two Financial Center Office Building for $210 Million
Boston, MA – September 9, 2021 – ASB Real Estate Investments (ASB) today announced the sale of Two Financial Center for $210 million to Nan Fung Life Science Group. ASB and its partner, Lincoln Property Company, developed the 220,000-square-foot, 12-story office building for $120 million, completing the project in 2009. The sale by ASB was made on behalf of its Allegiance Real Estate Fund, a $7.4 million core vehicle.
Located at the intersection of Essex and South Streets, Two Financial Center is regarded as one of Boston’s leading boutique Class A office buildings and is 100% leased to KPMG as well as a diverse array of other tenants. The building features floor-to-ceiling windows and a recently completed state-of-the-art rooftop deck.
Brodie Ruland, ASB Managing Director and Co-Head of Acquisitions, said: “The sale not only realizes a significant investment gain for ASB investors, but also fits into ASB’s ongoing strategy to selectively reduce exposure to office and retail assets, while we increase investments in the industrial, multifamily, and self-storage sectors.”
About ASB Real Estate Investments ASB Real Estate Investments (ASB), a division of ASB Capital Management LLC, is a leading U.S. real estate investment management firm with more than $7.9 billion (as of 6/30/2021) in gross assets under management for over 325 institutional clients. With offices in Bethesda, MD and Palo Alto, CA, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients. For more information about the company, visit www.asbrealestate.com.
Lincoln Property Company Lincoln Property Company, founded in 1965, is a national commercial real estate company involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space. For more information on Lincoln Property Company’s Boston office, visit: www.LPCBoston.com.