Istithmar, a United Arab Emirates Company based in Dubai, announced its acquisition of a landmark building in New York City today for $705 million. "We believe 230 Park Avenue is an irreplaceable prime property in the world's largest real estate market," Istithmar executive chairman Sultan Ahmed bin Sulayem told reporters in New York. The building, considered "the jewel of Park Avenue," holds 18,580 square meters of office space. It is situated above Grand Central Terminal, one of the central train stations in New York City. Istithmar has already allocated $10 million for an electrical upgrade throughout the building in an effort to appeal to larger, multi-national firms. Istithmar bought another landmark building, One Trafalgar Square, in London, England, last month. The company, worth $1.2 billion, with investments in the Gulf, the United States, and London, is not based on oil, but rather on its management of seaports around the world, including in Dubai.
