ASAE and its investment partners have sold ASAE's headquarters building at 1575 Eye St. NW in downtown Washington, D.C., the group said in a statement Nov. 12. The organization will remain in the building for at least 10 more years, ASAE has said.

ASAE did not disclose terms of the sale but the Washington Business Journal reported Nov. 11 that an affiliate of the Qatari royal family—Duwaliya US Real Estate—paid $107.9 million for the prime location, or $492 per square foot. The publication cited D.C. Office of Tax and Revenue records. The property is 219,000 square feet.

The partnership that sold the building included 55.5 percent owner ASAE and a group of other investors led by Carr Properties. ASAE said its portion of the sale proceeds has yet to be determined.

ASAE CEO John Graham confirmed the group's intent to sell the building last August. He said ASAE—faced with partners who wanted to sell—decided not to buy them out. "We don't think it's a good idea to use our resources to own the building outright," he said at the time.

ASAE's lease expires in 2025. The group occupies about 20 percent of the building.

"After closing costs, taxes and other expenses are finalized, ASAE will work with the board of directors to determine how to best invest the monies received into our programs, products and services," Graham said in the Nov. 12 statement.

Various Qatari entities have been active in the Washington, D.C., real estate market in recent years, the Washington Business Journal reported.

One group bought the St. Regis Hotel earlier this year and the Middle Eastern country's sovereign wealth fund invested $700 million in the CityCenterDC project.

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