Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, and Brookfield Property Partners today announced the groundbreaking of ICD Brookfield Place, a 1.5 million square foot office and retail development located in the Dubai International Financial Centre district (DIFC). ICD and Brookfield have agreed to form a joint venture partnership to develop ICD Brookfield Place on which construction will commence immediately.
The state-of-the-art development designed by world-renowned architects Foster + Partners includes a 53-storey tower with over 900,000 square feet of Grade A lettable office space. The top three levels of the tower will comprise the exclusive sky view suites, a crowning feature of the landmark building. ICD Brookfield Place is expected to be completed in 2018 with a valuation in excess of US$1 billion.
Best-in-class shopping, dining, fitness, and private club facilities will fill an adjacent five-story, 150,000-square-foot retail center fronting Al Sa’ada Street featuring multiple terraces and an open garden on the top level with uninterrupted views of Burj Khalifa.
The office tower and retail building will be connected by large, architecturally striking pedestrian pathways with seven underground levels of car parking to accommodate 2,700 vehicles.
Framed by fine dining restaurants and a chef-driven food emporium, the 31-metre-high, 18,000-square-foot landscaped public area will showcase a range of arts and cultural events that are a hallmark of Brookfield Places around the world, including the award-winning programs at Brookfield Place New York, Toronto and Perth. A new retail connection and public garden will link the food emporium and public realm at ICD Brookfield Place to the existing DIFC gate precinct.
JLL and CBRE are acting as the joint leasing agents for ICD Brookfield Place.
H.E Mohammed Al Shaibani, Executive Director & CEO of the Investment Corporation of Dubai, said:
“Today’s groundbreaking marks the establishment of a significant presence for ICD Brookfield within the DIFC. We are proud to collaborate with Brookfield Property Partners and the Dubai International Financial Centre, on this exceptional offering. ICD Brookfield Place will be a world class development that enriches its surrounding area and significantly adds to the Dubai skyline.”
Ric Clark, Chairman of Brookfield Property Partners, commented:
“Brookfield is honored to be partnering with the Investment Corporation of Dubai and to be commencing construction on this premier development in Dubai’s exciting and thriving International Financial Center. ICD Brookfield Place will be a state-of-the-art tower that will bring together the best commercial office space with world-class dining, shopping and culture, setting the benchmark for commercial property in the region.”
Khalid Al Bakhit, Chairman of ICD Brookfield said: “ICD Brookfield Place is a truly inspirational building that will meet demand from the world’s leading corporations seeking a location in the heart of the city. The world-class design combines office, retail and lifestyle offerings that will create a truly unique space, both inside and out, and position ICD Brookfield Place at the forefront for urban office design.”
Arif Amiri, Chief Executive Officer of Dubai International Financial Centre Authority, said:
“We are extremely pleased to celebrate the groundbreaking for ICD Brookfield Place at one of the most prominent sites within the Dubai International Financial Centre. This is a great milestone. The strength and global standing of the two JV partners further signifies the DIFC’s position as a leading center for business. We believe the development will be a highly desirable and prominent business address.”
Grant Booker, Senior Executive Partner, Fosters + Partners said:
“The beginning of construction at ICD Brookfield Place marks the next phase of one of Dubai’s most prestigious developments at the DIFC. We were honoured to be chosen by ICD Brookfield to design a project that we believe will become a new social focus for Dubai, combining world class office space with a major civic plaza. Our aim is to enhance the urban character of the DIFC, putting public spaces at the very heart of the design. The new office tower – on target to achieve a LEED Gold rating – is shaped to reflect the sunlight, and is surrounded by a rich mix of easily accessible terraced spaces, that create a vibrant and lively extension to the DIFC.”
For more information please visit www.icdbrookfieldplace.com