Qatar First Bank acquires office building in US

DUBAI: 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 eighth 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 bank said in a statement.
The recipient of the 2020 Southwest Region TOBY (The Outstanding Building of the Year) award, Fourteen555 is a 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 percent leased by a roster of eight 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 percent leased and that expansions happened during the pandemic. There is not a single square meter of vacant space left.”
Abdulrahman Totonji, CEO of QFB said, “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.”
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.