Arabian Construction Company, a Lebanese construction firm, announced on Thursday that it had purchased the Gefinor Centre office complex for $100m.
Located in the Clemenceau district of Ras Beirut, the Centre has 26,000m2 of office space and currently has a 90% occupancy rate, 40% of which are comprised of old leases.
Built in 1969, the building’s rental prices range from between $300 to $400 per square metre.
ACC is a civil, infrastructure, heavy, electrical and mechanical contractor that operates in both the residential and commercial sectors. It also works on power and desalination plants, a report in the Daily Star, a Lebanese newspaper, said.
