Qatar Investment Authority (QIA) has acquired five commercial condo units at 809 First Avenue (AKA 809 United Nations Plaza) from the Institute of International Education for $91 million. The five office spaces are located on the first four floors and the seventh floor, and span 68,547 square feet. The building conveniently serves as Qatar’s permanent mission to the United Nations where it already owned office condos spanning 17,518 square feet.
- Political backdrop: The Qataris now control nearly the entire office building save for 16,921 square feet on the top two floors, which is owned by Saudi Arabia, according to public records. Saudi Arabia, United Arab Emirates, and other Gulf countries continue to boycott Qatar with severe economic sanctions.
- Worth Noting: The Qatari sovereign wealth fund recently took great joy in outbidding Saudi Arabia for the Plaza Hotel.