DLA Piper represented ASB Real Estate Investments (ASB), a leading US real estate investment management firm, in acquiring the Gibson Santa Monica, a mixed-use development project, for US$83 million.
The two-building, Class-A apartment-retail complex in downtown Santa Monica, California, was purchased from CG Seventh Street, LLC, on behalf of ASB's Allegiance Fund, a US$6.2 billion core real estate investment vehicle. The property, completed in 2015, is located at the corner of Seventh Street and Arizona Avenue, blocks from Santa Monica’s beachfront and Third Street Promenade.
"We're thrilled to have assisted our valued client ASB in the acquisition of this strategically important first class asset in such a vibrant neighborhood," said Barbara Trachtenberg, head of DLA Piper's Boston Real Estate practice.
The DLA Piper team representing ASB was led by Trachtenberg and associate Steve Rola (San Diego). Additional information on this transaction can be found here.