Qatar First Bank (QFB) has announced the acquisition of Fourteen555, a class AA office building located in the desirable Lower Tollway Corridor in Dallas, Texas.
Fourteen555 is QFB’s 8th shariah compliant real estate acquisition in the USA and becomes the first multi-tenant office addition to QFB’s now eleven-asset strong portfolio.
The recipient of the 2020 Southwest Region TOBY (The Outstanding Building of the Year) award, Fourteen555 is a best-in-class luxurious office building with a host of amenities including a courtyard with outdoor seating, green spaces, and an entire three-story separate Hub building featuring a state-of-the-art conference center, cafe with terrace, fully equipped fitness center, rooftop lounge and event space.
This six-story class AA office building is 100% leased by a roster of 8 tenants and exhibits a weighted average lease term of 11 years with no major rollover before 2029. The building serves as headquarters for Occidental Petroleum’s chemical division OxyChem, and includes billion-dollar revenue firms such as Moss Adams and Infor as other major tenants.
Commenting on the acquisition, Sheikh Faisal bin Thani al Thani, Chairman of the board said: “What’s remarkable about Fourteen555, is that it is 100% leased and that expansions happened during the pandemic. There is not a single square meter of vacant space left. This reflects the tremendous demand we see from tenants for new quality assets. On that end Fourteen555 sure delivers: it is absolutely stunning.”
Abdulrahman Totonji, CEO of QFB added: “QFB is growing surely, and our bank is becoming more mature. This new shariah compliant real estate investment brings diversification to our portfolio as it marks our first multi-tenant office purchase. The lack of lease rollover in the near term and the long average lease term makes Fourteen555 a much safer investment. Our clients will now be able to enjoy multiple sources of steady income. It’s a great all-in asset for us and our investors. Fourteen555 is another great addition to the trophy list”.
This investment opportunity is offered on private placement basis to qualified investors meeting the investment eligibility requirements in accordance with the rules and regulatory requirements of QFC Regulatory Authority (QFCRA).
Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ)