Dubai real estate: $33.8m Business Bay sale sets office property record
A real estate company facilitated the sale of 40,000 sq ft of office space at Vision Tower in Business Bay for $33.8m, a record Dubai deal.
Dubai has recorded what is being described as the largest commercial real estate transaction of its kind in the emirate, with approximately 40,000 square feet of office space at Vision Tower in Business Bay changing hands for AED124 million ($33.8 million).
The transaction was facilitated by a real estate company and involved a contiguous block of Grade A office space spanning multiple floors in one of Business Bay’s landmark towers. The asset was acquired by a UAE-based company as part of its business expansion plans.
According to the company, the deal represents the biggest commercial real estate transaction of its kind ever recorded in Dubai.
The sale involved approximately 40,000 square feet of office space within Vision Tower, a prominent commercial building in Business Bay, one of Dubai’s leading business districts.
The acquisition reflects continued activity in the emirate’s office market, particularly for institutional-grade assets in established commercial locations.
Dubai office market confidence
CEO of the company, said the transaction highlights ongoing confidence in Dubai’s commercial property sector.
He 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.
“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.”
The transaction involved a contiguous block of Grade A office space across multiple floors, a format that remains relatively rare in Dubai’s office market.
The acquisition was made by a UAE-based company as part of its expansion strategy, underscoring demand from occupiers seeking large-scale office accommodation in prime business districts.
According to the company, buyers in this segment remain focused on:
- Strategic locations
- High-quality buildings
- Strong tenant profiles
- Institutional-grade assets
- Complex transaction required extensive due diligence
“Transactions of this size typically involve extended due diligence, multiple stakeholders and detailed commercial structuring.”
The company commercial team advised on both pricing and transaction execution.
The company said the process drew on transaction data recorded with the Dubai Land Department to benchmark values and demand across the Business Bay market.
The transaction adds to the company commercial real estate activity across Dubai’s office sector.
According to the company, its commercial division continues to advise occupiers, investors and landlords on large-format office mandates across the city’s principal office markets.
