Gateway Plaza building
Qatar First Bank LLC (Public) (QFB) has acquired the Gateway Plaza building in Richmond, Virginia, USA. The new acquisition is a Class AA trophy asset with an area of 330,000 square feet that was developed in 2015 as a build-to-suit building and is a tremendous addition to the bank's investment portfolio, which will continue to ensure stable cash flows.
The new investment is QFB's fourteenth investment under its new Shari'a compliant real estate investment strategy, and its eleventh US real estate property with an aim to expand its presence and expertise in the US real estate market.
The LEED Gold certified multi-tenant office property features high-quality construction with top-of-market buildouts and sweeping views of downtown Richmond and the James River. The property and tenants enjoy proximity to an abundance of amenities, modern residences, and a lively entertainment and arts scene. The property is also 98 percent occupied by the headquarters of prominent firms, with long lease terms and rental escalations. Bolstered by high barriers to entry and no future office developments on the horizon, the property presents investors a best-in-class trophy asset with unmatched stability in a highly desirable growth market.
The Bank's investment in Richmond is due to its economic growth which continues to outpace the greater US economy with a 3.6 percent unemployment rate, following a strong recovery post-COVID.
Richmond's Central Business District (CBD) has witnessed a drastic flight to quality over recent years, with over 75 percent of all leasing in the CBD since 2017 being within the premier Class A buildings. This has driven down trophy vacancy rates to sub 3.5 percent.
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