Sweid & Sweid announces completion of Grade-A property in Dubai
DUBAI, May 20, 2024
UAE-based real estate developer Sweid & Sweid has announced the completion of its latest project, 6 Falak, in Dubai Internet City with strong tenant demand for sustainable offices driving prelease commitments to over 90%.
Known for developing landmark projects such as the regional headquarters for Visa and Oracle, Sweid & Sweid said 6 Falak has already garnered significant interest from multinational corporate tenants prior to completion, including Roland Berger, Merck Sharp & Dohme (MSD), and IFS.
Demand was driven by the sustainability offering of the building, which was designed and built to LEED (Leadership in Energy and Environmental Design)-Gold specifications, the US Green Building Councils’ rating system, viewed as the most respected industry standard globally.
The Dubai developer pointed out that the project was repurposed from an abandoned, partially-built structure, a sustainable development practice that significantly reduces carbon emissions and is relatively new to Dubai’s thriving real estate landscape.
"Comprising three basements and a partially constructed first floor, the original structure was a skeletal frame with inefficiencies such as angled and irregular floor plates," said a company spokesman.
"Through creative design and problem-solving, Sweid & Sweid transformed the structure into a modern space with all the Grade-A facilities and specifications required by a multinational clientele," he stated.
Spanning 102,000 sq ft, 6 Falak offers various amenities, including a tranquil private garden and event space for exclusive tenant use, outdoor terraces on every floor, and a vibrant lobby featuring organic specialty coffee roasters, Boon Coffee.
The latest data from the Dubai Land Department shows a 34% increase in demand for office space in Dubai in 2023 compared to the previous year.
Furthermore, forecasted economic growth in Dubai and ongoing initiatives to improve the ease of doing business are expected to contribute to continued growth in the city’s office market.
On the new property, Managing Partner Maher Sweid said: "Having developed commercial properties in the region since 2006, we are witnessing an increased trend of eco-conscious requirements emerging in Dubai."
"Tenants are now placing a greater emphasis on sustainable developments when seeking new office space, which is quickly becoming a key decision-making factor. Buildings that meet these requirements are leased faster and at higher rates," he stated.
Recently, Sweid & Sweid had delivered the Banyan Tree Residences – Dubai, a landmark residential development, Visa’s Central Europe Middle East and Africa Headquarters in Dubai, and The Haywood – a 370-unit flagship residential project in Austin, Texas, he added.-TradeArabia News Service
