UAE-based fäm Properties has announced that it has facilitated the sale of 40,000 sq ft of office space at Vision Tower in Business Bay for a record AED124 million ($34 million). It is the biggest commercial real estate deal of its kind ever recorded in Dubai.
The asset, a contiguous block of Grade A office space across multiple floors in one of Business Bay's landmark towers, was acquired by a UAE-based company as part of its business expansion plans.
"The transaction reflects continued confidence among local businesses in Dubai's commercial real estate market, with investors and occupiers maintaining their focus on established business- districts and institutional-quality assets," remarked Firas Al Msaddi, the CEO of fäm Properties.
"Demand for well-located, institutional-grade office space in Dubai has stayed consistent. Buyers active at this level are precise about location, building quality and tenant profile. Assets that meet that standard continue to move," he stated.
Daniel McCullagh, the Commercial Sales Manager at fäm Properties, said transactions of this size typically involve extended due diligence, multiple stakeholders and detailed commercial structuring.
Led by McCullagh, fäm's commercial team advised on both pricing context and execution, drawing on transaction data recorded with the Dubai Land Department to benchmark value and demand across the district.
The deal adds to the commercial division's activity in large-format office mandates, advising occupiers, investors and landlords across Dubai's principal office markets.-TradeArabia News Service
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