In a Wall Street  Journal feature, Peter Grant takes a look at the $123 million purchase of Saint-Gobain SA’s North American headquarters by a private-equity firm and Middle East investor in order to get a better picture of the way the current turmoil in global capital markets is influencing commercial real estate.

The 65 acre site, which Saint-Gobain has leased for its corporate campus in Malvern, has been bought by 90 North Real Estate Partners LP and a unit of Arzan Financial Group of Kuwait despite growing concerns that the days of the recent property bull market are about to end.

What prompted the two partners to venture into this deal, despite fears of a shaky market, is probably that Saint-Gobain has already signed a fifteen year lease for the entire office facility on the campus, which includes a pond and walking trails. The Malvern facility was officially opened in October last year after extensive renovations by Saint-Gobain to make the location a showcase for its products developed throughout the company’s 350 year history.

The commercial property market has seen the value of properties go up in many parts of the globe until recently, achieving a post-recession record of $541 billion last year in the U.S. However, investor anxiety has been fueled by the selloff in global stock and corporate bond markets which has affected the value of shares in real estate investment trusts, causing them to drop below broader market averages. This in turn caused the sales for January this year to come in around $3.5 billion lower than for the same month in 2015.

Not all analysts share the same opinion however, and many retain their bullish position due to strong foreign investor interest and high occupancy rates and rents. Meanwhile, others are pulling back arguing that prices have gone up as high as they can and could be ripe for an adjustment. On the bear side of the analysis, some market experts predict that the value of properties in the U.S. could go down by as much as five percent in 2016.