A major commercial real estate transaction in Business Bay has seen the sale of around 40,000 square feet of office space at Vision Tower for Dhs 124 million, marking what is described as the largest deal of its kind recorded in Dubai.
The transaction was facilitated by fäm Properties and involves a Grade A office space spread across multiple floors in one of Business Bay’s landmark developments.
Business Bay deal
The office space was purchased by a UAE-based company as part of its expansion plans, reflecting continued activity in Dubai’s commercial property market.
The asset forms a contiguous block within Vision Tower, a prominent commercial building in the Business Bay district.
Market confidence
Firas Al Msaddi, CEO of fäm Properties, said: “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,”
He added: “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.”
Deal execution
Daniel McCullagh, Commercial Sales Manager at fäm Properties, said transactions of this size typically involve extended due diligence, multiple stakeholders and detailed commercial structuring.
He noted that the company’s commercial team used transaction data recorded with the Dubai Land Department to assess pricing and market demand in the area.
The deal adds to fäm Properties’ activity in large-format office transactions across Dubai, where the firm advises occupiers, investors and landlords in key commercial districts.
tanvir@dubainewsweek.com
