The Dubai Multi Commodities Centre (DMCC) on Sunday announced plans to build One JLT, a 'glass-box' style building in the heart of the free zone.
One JLT is part of DMCC's previously announced strategy to cater to the demand of large regional and multinational companies seeking to house their entire operations in single-owner commercial space.
The new building will offer a net leasable area (NLA) of 23,400 sq m and will also offer one of the highest ratios of parking spaces to NLA in Dubai, a statement said.
Ahmed Bin Sulayem, executive chairman of DMCC, said: "The DMCC Free Zone, now the largest in the UAE, continues to grow at an unrivalled pace of an average of 200 companies a month.
"One JLT is an integral part of this strategy and will allow us to bridge the gap in the marketplace."
DMCC said it has signed a contract with Brookfield Multiplex to design and construct the project.
The Brookfield Multiplex team will be on site within the coming days to commence work, the statement said.
John Ferguson, managing director at Brookfield Multiplex Middle East & Asia said: "It's exciting to be part of the team delivering One JLT, and we look forward to working with DMCC and to bringing our Design and Construction experience to this world-class project."
Matthew Lomax, director of property at DMCC, added: "One JLT's will allow us deliver office space that none of our peers currently offer. This new development will offer companies the opportunity to house their entire teams in space-efficient, high-end commercial space in a prime Dubai location managed by a single owner."
Nick Maclean, managing director, CBRE Middle East said: "The demand for commercial office accommodation continues to increase strongly. Dubai is also experiencing a new level of maturity in the market with occupiers demanding high quality international standard accommodation.
"DMCC in parallel has been a very important component in the growth of new and start-up business for Dubai's economy and its proposed development of a new first-class office concept will be very welcome."
DMCC, the largest and fastest growing free zone in the UAE, has over 7,300 companies. There are currently 65 mixed-use commercial and residential towers and over 220 retail outlets in operation within Jumeirah Lakes Towers.
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