The Real Deal New York

From the archives: Big buys, from Dubai

Istithmar goes on a spending spree
By Jen Benepe | March 07, 2015 01:00PM

Some speculate all roads lead to the Prince. The Prince is Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai. The roads include deals done by Istithmar, a company said to be his investment arm, and other purchases by Persian Gulf entities.

Last month, Istithmar, which means “investment” in Arabic, appeared to be on a buying spree. In early June the group closed on its purchase of 280 Park Avenue, the 1.2-million-square-foot Midtown office property where tenants include Deutsche Bank, the National Football League and AG Edwards, for $1.2 billion. Read the full article from the July 2006 issue after the jump.