Blue-chip tenants looking for ultra-premium offices at Dubai’s One Za’abeel twin-tower development will be able to lease spaces for either five or six years. This is one of the most prestigious office buildings to open in Dubai in recent memory; other examples include the Uptown Tower, which is a part of the expanded DMCC hub, and ICD Brookfield in DIFC.
According to a senior official, office leases for shorter terms of one or two years will also be available from Ithara, the developer of One Za’abeel and a division of the Investment Corporation of Dubai.
“The longer duration leases will be on the shell-and-core basis, while on the shorter leases, we come up with the fit-outs and bespoke requirements of these tenants,” said Henry Mathews, Leasing Director of One Za’abeel. “We will be launching our own ‘white-label’ solutions provider to take care of these.”
The developer is billing the location as the ‘gateway to Dubai’s Central Business District’. “We believe business success is accelerated with the right location,” said Issam Galadari, Director of One Za’abeel Holdings.
“What we have with the offices at one Za’abeel is the One& Only experience across 300,000 square feet of GLA.” – Henry Mathews of One Za’abeel
Requirement for Grade Office space has been in high demand, whether it is from new companies launching their regional hubs or headquarters in Dubai or from established companies looking for new addresses with cutting-edge features thrown in. The first to benefit greatly from this surge was ICD Brookfield, and more recently, even before the project was finished, there was a lot of interest in leasing the Uptown Tower.
“We are well aware of the office leasing trends in Dubai,” said Mathews. “What we have with the offices at one Za’abeel is the One& Only experience across 300,000 square feet of GLA (Gross Leasable Area).”
In addition, there are apartments, two hotels, retail spaces, and F&B options in the twin tower. The addition of new offices enhances the feeling of a “city” within a city—one that is very upscale. One of the towers’ 17 floors, ranging from the 5th to the 21st floor, house 300,000 square feet of offices. (In addition to the One&Only hotel, there is another one inside the twin Towers named the ‘Siro’.)
Benefit from dual licensing options
As per Mathews, corporate tenants on DWTC free zone licenses as well as those with one for mainland operations can be accommodated at The One Za’abeel. (Dual licensing enables businesses to function using credentials from both the mainland and the free zone. Virtual asset companies, incidentally, also go to the DWTC Authority.)
Jointly handling the leasing are CBRE and JLL. Matthews declined to discuss the lease rate in detail. High-end office towers in DIFC and on Shaikh Zayed Road are currently available for lease for between Dh250 and Dh350 per square foot.
“For the longer leases, we’ve been getting interest from MNCs primarily,” said Mathews. “We will build up the tenant mix from there. With that, we will have a full eco-system going at the One Za’abeel”.