Asia Square Tower 1 sold for $3.4b in region’s largest office deal to-date

It was snapped up by Qatar’s sovereign wealth fund.

Global investment management firm BlackRock has sold prime office building Asia Square Tower 1 for $3.4 billion. According to JLL, this marks the largest ever single-tower sale in Asia Pacific so far this year. It is also the second-largest single-tower real estate transaction globally

The 43-storey building was bought by the Qatar Investment Authority (QIA). Current tenants of Asia Square Tower 1 include financial services companies Citibank and Julius Baer as well as insurance firm Marsh & McLennan.

“Asia Square is one of the most prestigious commercial developments in the region and represents a rare opportunity to acquire a premium, highly sought-after property in one of Asia’s most important business and financial centres,” said Stuart Crow, Head of Asia Pacific Capital Markets, JLL. The real estate consultancy has been the sole leasing agent and property manager of Asia Square since it opened in June 2011.

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