The Qatar Investments Authority (QIA) has invested capital worth  $622 million in the owner of New York’s Empire State Building, reported Arabian Business

Empire State Realty Trust (ESRT) has announced that the authority has acquired 9.9% economic and voting interest in the company.

ESRT also stated that the QIA purchased 29.6 million newly-issued Class A common shares of ESRT, where each share costs $21.

ESRT President and CEO John B. Kessler stated that the investment came as efforts to boost their portfolio of assets, and is expected to give the company financial strength to grow further.

ESRT went public in 2013 to expand its portfolio in the Manhattan property market and renovate its existing properties, including the Empire State Building.

QIA has plans to spend $35 billion in the US over the next five years,  a move considered to have taken the state fund away from investments that were usually focused in Europe, according to Gulf Business.