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Qatari Sovereign Wealth Fund Buys a Stake in the Empire State Building

Organization Meets To Settle Tallest Building Debate Between One World Trade And Willis TowerOrganization Meets To Settle Tallest Building Debate Between One World Trade And Willis Tower
The Empire State Building, seen in Manhattan on Nov. 8, 2013 in New York.John Moore/ Getty Images

The owner of the Empire State Building has sold 9.9% of its company to a Qatari sovereign wealth fund.

The Empire State Realty Trust (ESRT) announced Qatar Investment Authority’s $622 million acquisition on Tuesday afternoon.

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The Qatar Investment Authority expanded to New York almost a year ago, announcing a U.S. investment push of $35 billion in five years, according to The Wall Street Journal.

COO John Kessler in a statement on Tuesday called QIA “one of the most sophisticated and reliable real estate investors in the world.”

See also: Gulf Investors Hold Back From UK Property Deals on Brexit Fears

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“We welcome QIA as an ESRT shareholder and see their investment as an endorsement of ESRT’s strategy, team and portfolio of irreplaceable assets,” he said. “As we continue our internal growth strategy execution, added strength and flexibility in our balance sheet expand our capacity to take advantage of opportunities through external growth.”