QIA’s standing was revealed in CoStar’s recent ranking of New York’s largest commercial owners.
The investment authority now holds some 10.69 million square feet of real estate in New York, a 145 percent increase from March of last year.
QIA made the purchase in August, gaining a 9.9 percent stake in the Empire State Realty Trust.
Expanding in the U.S.
“Internationally, New York real estate is a safe place to park assets … and wealth funds are sometimes willing to pay more for assets than real estate fund managers. They’re buying assets for the long term—like 20 to 30 years,” said Michael Maduell, President of the Sovereign Wealth Fund Institute, a research outfit based in Las Vegas.
QIA set up shop in Manhattan at the start of 2015’s fourth quarter.