SALE: Two buildings in Emaar Business Park at Dh425m

Two buildings in Emaar Business Park, a prestigious commercial project, on Sheikh Zayed Road, have been put for sale for Dh425 million, Emirates 24|7 can reveal.

A consortium of banks, according to informed sources, owns the buildings.

Knight Frank, a global real estate consultancy, has been appointed as the sale agent.

Emaar Business Park comprises four commercial buildings namely with a standalone three-storey building with over 2,000 parking bays. Each of the buildings has fiber optic risers and modern technology for data transfer.

The buildings, which are almost identical, comprise six stories of offices with ground floor retail units.

Building no 3 houses the head office of Emaar Properties, Dubai’s largest developer.

CBRE said last week that the office sector has showed improvements with rising demand with new leasing enquiries and live requirements.

Quality office accommodation in Jumeirah Lakes Towers (JLT), Business Bay and Tecom saw rents rising six per cent in the second quarter. But, rentals in the central business district continued to remain flat at Dh1,500 square metre per annum with average secondary office rents standing at Dh1,050 sqm per annum.

Jones Lang LaSalle, in its second quarter 2013 report, pointed out that activity remained focused on prime buildings in the top locations, while demand for dated and poor quality space continues to be weak.

At the end of Q2 2013, the total office stock within areas monitored by JLL stood at 7.2 million square metres with an additional 587,000 sqm likely to enter the market in the second half.

Big ticket deals in the commercial space did take place in the first quarter 2013 as prices rose for the first time after a four-year period.

In the first quarter, Business Bay, the central business district in Dubai akin to New York's Manhattan, registered the biggest office transaction. JLT registered five of the top 10 biggest deals, according to information provided by Reidin.com to Emirates 24|7.

Follow Emirates 24|7 on Google News.