M id A tlantic Real Estate Journal — May 21 - June 17, 2021 — 3A
www.marej.com
64 New York Avenue NE is a 355,034 s/f building located in the NOMA submarket ASB Real Estate Investments sells Washington DC office building for $201.75M
announc ed t o d a y t h e $201.75 mil- lion sale of 64 New York Avenue NE, a 355,034 s/f office build- i ng i n the NOMA sub- W
extensively renovated in 2001, the five-story building with a basement is 97% leased, primarily to various District government agencies, includ- ing the Metropolitan Police and Department of Health Services. It features expansive 55,000 s/f floor plates and two elevator cores. ASB senior vice president Nicolas Franzett i said: “Emerging from the pandemic- generated recession, ASB has seized on an excellent opportu- nity to execute on our ongoing strategy to trim portfolio ex- posure in office and retail and redeploy capital into industrial and multifamily assets.” MAREJ toric Randall School buildings, which closed in 1982. Two of the school’s three buildings will be transformed into the approxi- mately 31,000 s/f Rubell Muse- um, presenting internationally renowned contemporary paint- ings, sculptures, photographs and installations. Entry to the museum will be free of charge to all residents of the District. The West Randall building will be reconfigured as an approxi - mately 18,000 s/f creative office building designed to appeal to a variety of potential tenants including nonprofits, cultural institutions, technology incuba- tors and coworking businesses. Gallery 64’s design is by Bey- er Blinder Belle Architects with Balfour Beatty Con- struction serving as general contractor. The Christman Company serves as contractor for the historic school build- ings. The entire project is being developed in accordance with LEED sustainability guide- lines, with Gallery 64 follow- ing LEED Gold standards. Among its green elements is a substantial solar panel instal- lation. The historic buildings will comply with LEED Silver guidelines. Gallery 64 and the overall campus redevelopment are anticipated to be completed by year-end 2022. MAREJ
ASHINGTON, DC — ASB Real Estate Investments (ASB)
Nicolas Franzetti
market. The sale to Boyd Wat- terson Asset Management, LLC was made by ASB on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle. Constructed in 1909 and
Lowe and Mitsui Fudosan America announce start of construction of gallery 64 Apartment Tower in DC 64 New York Avenue NE
WASHINGTON, DC — Lowe and joint venture part- ner Mitsui Fudosan Amer- ica announced the start of construction of Gallery 64, a 492-unit, 12-story apartment building as part of the joint venture’s redevelopment of the former Randall Junior High School site at 65 Eye St., SW, in Washington, DC. The 500,000 s/f redevelopment of the 2.7-acre site includes the preservation and repurposing of existing historic buildings into the Rubell Museum, a world-class contemporary art museum. “Gallery 64 provides a unique residential option – living on an arts campus adjacent to abun- dant open space, connected to Washington’s most dynamic neighborhoods and with spec- tacular views. With the new museum as the cornerstone of the mixed-use redevelopment, Gallery 64 will be infused with art and culture, from its interior design to its resident programs,” said Mark Riv- ers , executive vice president, Lowe. “A newmix of uses at the former Randall School provides the community and the general public with an important cul- tural touchstone. The addition of the museum, combined with the new residences, will serve
with polished concrete floors and simple details, providing a backdrop for a collection of original art that will be found throughout the lobby and ame- nity areas. The art-forward program for the property will continue outdoors with a sculp- ture garden. Gallery 64’s 492 apartment residences, of which 98 are designated affordable, are con- figured as studio, one-, two- and three-bedroom floorplans. The street-level connection is enhanced by 19 two-level, townhouse-style residences. Gallery 64 will offer an array of the most sought-after ameni- ties including rooftop gathering 65 Eye St SW rendering
as a positive addition to this historic neighborhood.” “Mitsui Fudosan America is excited to begin construc- tion on this unique project for Washington, DC, alongside our valued partner, Lowe,” said Jodi Berman , senior director, residential asset management, Mitsui Fudosan America. “We also look forward to continuing our partnership with Lowe and further growing our portfolio nationally, as we currently work on an additional project with them in the Seattle metro area.” Gallery 64 takes its design cues from art galleries, adopt- ing a minimalist design concept
spaces with fire pits, grilling stations and outdoor kitchens, a dog walk and a resort-style pool. Indoor communal areas include a spacious lounge with fireplace, game room, fitness center, and maker space with sound studio where residents can develop their artistic skills. Connecting Gallery 64 and the museum is an expansive and beautifully landscaped community space where resi- dents, museum visitors and neighbors can relax and con- gregate. Concurrent with the new construction of Gallery 64, work is underway on the restoration and repositioning of the his-
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