Driven Properties, a Dubai real estate brokerage, has revealed the sale of the largest plot in Business Bay.
The plot, covering 333,000 square feet with a gross floor area of 1,020,000 square feet, will be transformed into an office park by Lamar Development.
The development aims to tackle the shortage of Grade A office spaces in Business Bay and Dubai. Nearby off-plan office developments have seen prices exceed AED 7,000 per square foot.
Situated on the Dubai Canal with 270-degree waterfront views, the planned office park will feature a cultural district, a performing arts theatre, and office spaces.
“This landmark deal in Business Bay exemplifies Driven Properties’ expertise in managing complex, high-value transactions. We are 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,” stated Abdullah Alajaji, Founder and CEO of Driven Properties.
The sale places the Gross Development Value for Lamar’s existing and forthcoming developments across the canal at over AED 12B.
