Qatar Investment Authority has agreed with a subsidiary of BlackRock-advised fund to acquire Asia Square Tower 1 at approximately US$2.45 billion ($3.4 billion). This marks the largest single-tower real estate transaction in Asia Pacific to date, and the second largest single-tower real estate transaction globally.

JLL and CBRE are the joint sole advisors for BlackRock in this transaction.

The 43-storey property comprises more than 1.2 million sq ft of Grade A office space and close to 40,000 sq ft of retail space. It has received the US Green Building Council’s Leadership in Energy & Environment Core & Shell (LEED-CS) Platinum certification, which remains the highest accolade for environmental sustainability, and boasts column-free floor space of up to 35,000 square feet.

Current tenants of Asia Square Tower 1 include financial services companies Citibank and Julius Baer as well as insurance firm Marsh & McLennan.