Driven Properties sells the biggest Plot in Business Bay
The plot 333,000sqft with a gross floor area of 1,020,000sqft
Driven Properties has announced the sale of the largest plot in Business Bay, Dubai. The sale is said to mark a significant milestone for the area, paving the way for a new, sustainable office park.
The office park by Lamar Development will serve as a welcome addition to the area, addressing the critical shortage of Grade A office spaces in Business Bay and the city at large. With neighboring off-plan office developments seeing prices that exceed $1,900 per square foot, the sale solidifies Driven Properties’ position as a trusted provider, even in the face of short supply. This investment on the canal strip puts the Gross Development Value for Lamar’s existing and upcoming developments across the canal to over $3.26bn, said a statement.
The plot, sitting at the cusp of an extension of Marasi Drive, spans 333,000sqft with a gross floor area (GFA) of 1,020,000sqft, and is widely considered the most desirable location in Business Bay. Nestled within the Dubai Canal, its prime positioning and 270-degree waterfront views contribute to its exceptional appeal.
Abdullah Alajaji, Founder and CEO of Driven Properties commented, “This landmark deal in Business Bay exemplifies Driven Properties’ expertise in navigating complex, high-value transactions. We’re proud to have facilitated the sale of this plot, which will pave the way for a sustainable office park project that aligns with Dubai’s vision of a vibrant and sustainable city.”
The office park will feature a range of amenities, including a culture district, a performing arts theatre, and ultra-high-end office spaces. This project is poised to become a landmark destination in Business Bay, attracting businesses and professionals seeking a dynamic and modern work environment, the statement noted.
As the biggest plot in the area, this latest transaction adds to Driven Properties’ track record of facilitating high-value real estate deals in Dubai, particularly in the ultra-luxury sector.
