The bank said a total of 98% of the building is already occupied by prominent firms.
Qatar First Bank (QFB) acquired the Gateway Plaza building in Richmond, Virginia on Saturday, marking its eleventh Shari’a compliant real estate investment in the US.
In a statement, the bank said that the acquisition is an office property developed in 2015 and covers an area of 330,000 square feet. The banking entity also aims to expand its presence in the US real estate market through the latest purchase.
“We have achieved this landmark accomplishment while ensuring that the property is acquired at a price which can generate attractive returns for our investors,” said Chairman of QFB Sheikh Faisal bin Thani Al-Thani.
QFB is Qatar’s first independent Shari’a compliant bank and is a listed entity on the Gulf state’s Stock Exchange. The latest acquisition is a major move, given the strategic location of the building.
Gateway Plaza is LEED Gold certified multi-tenant office that offers a breathtaking view of downtown Richmond and the James River. Each floor measures up to 26,000 square feet, five levels of structured parking, and 12 floors of office.
The certification means that the property is efficient, cost-effective, and an ideal place for occupants as well as the environment.
“We are also pleased with the growing demand from local clients where most of our investments syndicated within a short period of time, along with the testament to our successful track records in real estate exits,” said Abdulrahman Totonji, QFB’s CEO.
The bank said a total of 98% of the building is already occupied by prominent firms, though these were not mentioned in QFB’s statement.
The bank chose the building due to its location in Richmond, which has seen major economic growth post the Covid-19 pandemic, surpassing the US’ greater economy.
Last year, QFB acquired the Fourteen555, another office building located in Dallas, Texas. The luxurious building was the recipient of the 2020 Southwest Region TOBY (The Outstanding Building of the Year) award.
In the same year, QFB announced its acquisition of the first phase of Healthcare technology company Headquarters in Columbus, Ohio in the USA.