Qatar First Bank LLC (Public) (“QFB” or “Bank”) announced the acquisition of Ten West Corporate Center One, a 199,000 square foot Class-A, impeccably-maintained and institutionally-owned office building located in Houston’s Energy Corridor.
The Property is fully leased to Wood Group Mustang, Inc, a subsidiary of the British industrial services firm, John Wood Group plc (LSE: WG) which offers engineering, procurement, and construction management services globally.
This four-story class A office building is part of a group of office buildings that collectively serve as the national headquarters for Wood Group. The amenity rich office space is strategically located on Interstate-10, a cross-country highway that runs from California to Florida. There is an abundance of shopping, entertainment, accommodations, food and fitness outlets proximate to the property and it is easily accessible from the desirable residential areas of Houston.
Wood Group’s occupancy at the building commenced over 20 years ago, and over time expanded to occupy 100% of the space. The proximity to several of its energy sector clients make this location mission critical for the tenant. The multiple lease renewals and the millions of dollars spent on improvements over the last 15 years speak volumes about Wood Group’s commitment to the building.
Sheikh Faisal bin Thani Al-Thani, Chairman of QFB said: “QFB’s steady growth over the last many quarters is testament to the successful implementation of the bank’s business model. Our newest asset is a quality building in a dynamic location where it neighbors with the headquarters of several Fortune 500 companies. QFB has become Qatar’s premier Shariah-Compliant investment bank and our intended share capital increase will help propel our growth further and support many more of quality acquisitions for our investors.”
Abdulrahman Totonji, CEO of QFB added: “QFB’s continued focus on Class-A properties with steady cash flows, leased to quality tenants and strategically located in dynamic markets is yielding results for us and our investors. QFB’s team has been able to repeatedly find the best-in-class assets for their clients and the Ten West Corporate Center One is another feather in QFB’s cap of trophy assets in the US where we now have over USD 1 billion in assets under management. I believe it’s a very exciting time for QFB and our investors”.
Commenting on the acquisition, Deputy CEO Ayman Zaidan concluded: “The asset is spectacularly located in the office sub-market which is at the heart of Houston’s economy – the Energy Corridor. The business park in which the property is situated spreads across 550-acres and is home to the headquarters of a number of multi-national companies, including Blade Energy Partners, Kraton Polymers and Aramco. This highly desirable office is well-positioned to capitalize on future momentum and growth that the ever-growing Houston market has to offer.”
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 the QFC Regulatory Authority (QFCRA).
Qatar First Bank LLC (Public) is 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).