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Monday, December 6, 2021

Qatar buys Washington-based Carnegie institute HQ: reports

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The landmark building was built in 1908 and is located just 1.5 kilometres from the White House.

Qatar has purchased the Carnegie Institution for Science’s D.C. headquarters for an undisclosed price, the institute’s chief said, according to reports.

The sale of the building to Doha was approved by Carnegie President Eric Isaacs and the institution’s 18-member board of trustees, the head told Science Magazine.

The decision will enable Carnegie to expand its research while relying in “internal funds” instead of grants, Isaacs added.

Read also: Qatar First Bank expands US portfolio with award-winning property

The property is worth at least $23.6 million, the Washington Business Journal reported, citing a figure the D.C. Office of Tax and Revenue. However, details of the sale to Qatar have not been made public.

Built in 1908 by renowned architects John Carrere and Thomas Hastings, the Beaux-Arts style building is said to become the new home of Doha’s Washington embassy – the mission has yet to issue a statement.

Qatar’s growing portfolio

The gas-rich Gulf state has a long history of multi-million dollar investments in the United States, most notably Washington, D.C.

In 2011, Doha’s leading real estate company Qatari Diar invested $620 million in CityCenterDC, a mixed-use landmark located in the heart of the US capital.

The landmark covers 191,000 square feet of retail spaces, 216 condominiums, 458 apartment units, 522,000 square feet of office space, and an underground parking facility for 1,550 vehicles.

In a more recent investment in February, Qatar First Bank [QFB] purchased the ‘The Waterway Plaza I’ in Texas, which previously stood as the headquarters of Fortune 250 chemical products manufacturer, Huntsman International.

The Waterway Plaza I won ‘The Outstanding Building of the Year 2021’ award and is considered to be in one of the most desirable suburban areas of Houston.


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