Driven Properties, a Dubai real estate brokerage, has announced the sale of the largest plot in Business Bay.
The plot, which spans 333,000 square feet with a gross floor area of 1,020,000 square feet, will be developed into an office park by Lamar Development.
The development aims to address the shortage of Grade A office spaces in Business Bay and Dubai. Neighbouring off-plan office developments have seen prices exceeding AED7,000 per square foot.
The plot is located on the Dubai Canal with 270-degree waterfront views. The planned office park will include a culture district, a performing arts theatre, and office spaces.
“This landmark deal in Business Bay exemplifies Driven Properties’ expertise in navigating complex, high-value transactions. We’re 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,” Abdullah Alajaji, Founder and CEO of Driven Properties said.
The sale puts the Gross Development Value for Lamar’s existing and upcoming developments across the canal at over AED12 billion.