Property

Dubai’s Emirates REIT signs new tenants for Index Tower offices

Further releases of fitted-out floors at the Index Tower are expected by the end of October

PHOTO: The Norman Foster-designed tower is within the Dubai International Financial Center. Credit: Emirates REIT

Emirates REIT says it has signed leases with a pharmaceutical company and a prominent Dubai-based family office to take space at the Index Tower in the Dubai International Financial Centre (DIFC).

The NASDAQ Dubai-listed company announced in a statement that the two new tenants are together leasing more than 36,000 square feet of offices at the Norman Foster-designed tower, with both leases having a five-year tenure.

Emirates REIT’s floors at the Index Tower are now 14% leased with this signing. The deals raise the total occupancy of its portfolio to 76%, which Emirates REIT said is above Dubai’s average commercial occupancy rate.

Further releases of fitted-out office floors at the Index Tower are expected by the end of October.

Sylvain Vieujot, Executive Deputy Chairman of Emirates REIT Management commented saying, “We are happy to welcome our new tenants to Index Tower, a property that offers one of the highest quality workplace environments in Dubai. As a sizeable landlord, in what is often a fragmented market, Emirates REIT is in a privileged position and we believe Index Tower’s exceptional facilities and prime location make it a highly attractive address for businesses and corporates seeking a presence in the emirate’s central business district.”

The company currently owns 70% of the office floors at the Index Tower, in addition to the entire retail mall around the building and over 1,400 parking spaces.

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