Arabian Construction Company buys Gefinor

Arabian Construction Company, a leading Lebanese construction firm in the Arab world, has purchased the Gefinor Center office complex located in the Clemenceau district of Ras Beirut for $100 million. Built in 1969, the Gefinor Center has 26,000 square meters of surface area for rent that include 21,000 square meters of office space. It currently has 90 percent occupancy, 40 percent of which are comprised of old leases. Its rental prices range between $300 and $400 per square meter. ACC is a civil, infrastructure, heavy, electrical and mechanical contractor for residential and commercial buildings, as well as for power and desalination plants.