According to sources, Qatari real estate investment firm Alduwaliya Asset Management paid $123.5 million to buy a 17-story office building in the Garment District, reports The Real Deal: New York Real Estate News. It is the most recent Middle Eastern investor accessing the New York City market.
The 208,000-square-foot Art Deco property at 250 West 39th Street was put on the market at the end of October 2015 by Lincoln Property Company. The building is located between Seventh and Eighth avenue and average office asking rents are around $40s per square foot.
According to city records, Lincoln Property, a Dallas-based investment firm, bought the property in 2007 from L&L Holding for $93.5 million. The new deal, which closed last week for nearly $600 per square foot, would be treated as an investment opportunity by Alduwaliya Asset Management. It is Alduwaliya’s, whose headquarters are in London, UK, first deal in New York.
Alduwaliya is a global real estate investment entity, owning commercial real estate exceeding £200m in value and budget exceeding £200bn with future investment plans to expand the existing business in Qatar, into Europe and other regions.
Since its inception, Alduwaliya has experienced sufficient growth in Qatar and its access to the real estate Investment community has enabled it to gain access to the finest resources, funds and knowledge to build a diverse portfolio of investments. According to The Real Deal: New York Real Estate News, the fund has plans to spend $35 billion in the U.S. over the next five years.