Qatari-Backed Alduwaliya Makes Third D.C. Buy In The Last Year
Five Arab nations recently moved to isolate Qatar, and President Donald Trump earlier this month called on the small Middle Eastern country to stop funding terrorism, but that is not slowing down Qatar's D.C. real estate investment.
Qatar-backed Alduwaliya Asset Management, through affiliates, acquired the 12-story office building at 1155 Connecticut Ave. NW for $64M, the Washington Business Journal reports. San Francisco-based Stockbridge Capital Group was the seller.
The deal is Alduwaliya's third D.C. acquisition in the last year. In November, it acquired a 317K SF Georgetown office building at 1025 Thomas Jefferson St. NW from JBG for $142M. In February, it acquired the Homewood Suites hotel at 465 New York Ave. NW from Magna Hospitality Group for $50.4M.
Qatari investment has been the driving force behind the CityCenterDC development. In partnership with Hines, the Qatari Investment Authority delivered Phase 1 in 2014 and is currently building CityCenter's 360-room Conrad Hotel.
The ambassador for the United Arab Emirates, one of the Arab states isolating Qatar, has pushed the idea that there is a connection between Qatar's U.S. investment and the funding of terrorist groups. Despite Trump accusing Qatar of funding terrorism on Twitter, the State Department has cast doubt on the claims, questioning the motivations of the Arab countries, including Saudi Arabia. D.C. Deputy Mayor for Planning and Economic Development Brian Kenner has said he is monitoring the developments but does not yet have plans to withdraw support for Qatari investment.