ENBD REIT has marked the completion of a $6mn refurbishment of its Al Thuraya Tower 1 property within Dubai Media City. The firm says the refurbishment of its flagship property has created a modern and functional high-end office destination. The upgrade project began last year in June and was undertaken by interior contractor KPS, with Savills acting as project manager and cost consultant.
The upgrade included a comprehensive fit-out of the foyer and entrance to the building, as well as corridors, staircases, and common bathrooms, including lighting and tiling throughout the tower. The firm said lifts, fire escapes and the podium were also upgraded as part of this project. In addition to an improved layout and décor, prayer rooms, yoga/fitness studio facilities and additional access for people of determination were also added, a statement from ENBD REIT noted.
“The successful completion of this major upgrade of Al Thuraya Tower 1 positions ENBD REIT well to take advantage of a new phase in the evolution of Dubai’s office rental market, in which many tenants are seeking quality spaces that prioritise the health and comfort of their staff in an aesthetically attractive and contemporary environment,” said Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
Since completing the project, high levels of interest have already resulted in new tenants securing 18,000sqft of office space in the building, reflecting a growing demand from prospective business tenants seeking high quality working spaces with desirable amenities in a prominent area, the firm said.
He added, “The higher occupancy already achieved in the tower, and the increasing interest now being received from prospective occupiers, initially indicates that the strategic decision that we took in 2020 to invest in the future of this flagship asset that has been a cornerstone of our portfolio for over 15 years has been the right one.”
Valued at $69mn, Al Thuraya Tower 1 is the one of the largest assets representing 19% of the value of ENBD REIT’s portfolio, which comprises 11 buildings in Dubai across the office, retail and alternative sectors, the statement concluded.
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