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Omniyat signs Business Bay lease deal

Dubai, April 27, 2009

Omniyat Property Service (OPS), an arm of Omniyat Asset Management, has signed a landmark alliance with leading leasing service providers for key projects at Business Bay, Dubai’s most anticipated master plan.

With this deal, Omniyat has become the first company to lease in Business Bay. “We were the first to buy in Business Bay and today, with the delivery of our first two projects, we become the first to lease in Business Bay, Dubai’s next major accomplishment,” said Mehdi Amjad, chairman and CEO of Omniyat Properties.

The company will deliver two iconic projects, 'One Business Bay' and 'Bayswater,' with commercial lettable area worth over Dh1 billion ($272.2 million).

With the landmark partnership agreements with CB Richard Ellis Ltd - Middle East and Jones Lang LaSalle, OPS will guarantee unique leasing solutions to address the individual needs of Omniyat owners and tenants, Amjad added.

“OPS is a strategic extension of Omniyat Properties that developed from our goal to grow through the real estate value chain.  Today we can provide our customers with a one-stop-shop which would not be possible without our valued partners.” he said.

In association with these leading brands, OPS will offer unrivaled customised leasing services and become a conduit to all agents in the region.

These partnerships will ensure that the company’s developments attract tenants from markets all over the world and that the buildings will operate at a higher occupancy rate than the market standard.

Fit-out offerings, rent-free incentives, and an international standard of property management will help attract quality tenants, making it easier for owners to fill their spaces.

“We measure our success one customer at a time,” explained Lloyd Budd, Commercial director of Omniyat Asset Management.

“The majority of developers have left the leasing process to their purchasers’ own accord, promoting confusion in the marketplace. By uniting the leasing process under one umbrella, Omniyat customers can ensure their property will be presented in a professional manner and benefit from economies of scale and improved investment value,” he added.

With six commercial developments in the master plan, and being the first to deliver in the region’s new central business district, the OPS team has established themselves as the Business Bay experts.

As the only company with leasable space in Business Bay, the partners will set the standard for lease rates and lead market research on vacancy rates, absorption rates and pipeline stock.

"CB Richard Ellis are thrilled to be engaged on behalf of Omniyat to deliver premier office accommodation in Business Bay," said Richard Foulds, MRICS Director and head of Agency & Development Mena at CB Richard Ellis.

"The quality and professionalism of the consultants involved will set these developments apart in the market and offer occupiers a truly international level of service for their occupancy and real estate requirements," he remarked.

"At Jones Lang LaSalle, we place a great importance on customer service and finding the right fit for every tenant and owner through innovative deal structures bringing the right people together."

"We have found a partner that shares our values, and we believe this will be the base of a very successful relationship with Omniyat,” explained Matt Hammond, director & head of Agency Mena at Jones Lang LaSalle.-TradeArabia News Service




Tags: Business Bay | Omniyat | Leasing |

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