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 US and becomes the first multi-tenant office addition to QFB’s 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 centre, cafe with terrace, fully equipped fitness centre, 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.
On the acquisition, QFB chairman Sheikh Faisal bin Thani al-Thani 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 metre 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, QFB said, “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 the QFC Regulatory Authority (QFCRA).
QFB is the first independent Shariah compliant bank authorised by the QFCRA and is a listed entity on the Qatar Stock Exchange.
Launched in 2009 as an investment bank, QFB has since evolved to broaden its offering to combine the best of a private bank with bespoke investment solutions tailored for the protection, preservation, and growth of wealth.
QFB provides a wide range of investment products and services including alternative investments focused on private equity and real estate, private banking and wealth management, corporate and institutional banking, as well as treasury and investments.