Thursday 25 February 2021

ICD, Brookfield officials at the ground breaking ceremony.

ICD, Brookfield launch $1bn mixed-use project in Dubai

DUBAI, January 20, 2016

The Investment Corporation of Dubai (ICD), a government-owned wealth fund, and Canada’s Brookfield Property Partners have broken ground on their 53-storey office and hotel tower project
worth over $1 billion in Dubai, UAE.

ICD Brookfield Place, a 1.5-million-sq-ft mixed-use development features a landmark office tower,
large open civic spaces, world-class food emporium, and fine dining restaurants.

The 53-storey tower will provide over 900,000 sq ft 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.

The state-of-the-art office and retail development, located in the Dubai International Financial Centre district (DIFC), has been designed by world-renowned architects Foster + Partners.

ICD said it has reached an agreement to form a joint venture partnership with Brookfield to develop project. The construction work will commence immediately and the project is expected to be completed in 2018.

Best-in-class shopping, dining, fitness, and private club facilities will fill an adjacent five-storey, 150,000-sq-ft retail centre 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, it stated.

Framed by fine dining restaurants and a chef-driven food emporium, the 31-m-high, 18,000-sq-ft 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 programmes at Brookfield Place New York, Toronto and Perth, said s atatement from the Dubai group.

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, it added.

Mohammed Al Shaibani, the executive director and chief executive of ICD, said the groundbreaking marks the establishment of a significant presence for ICD Brookfield within the DIFC.

"ICD Brookfield Place will be a world-class development that enriches its surrounding area and significantly adds to the Dubai skyline," he stated.

Ric Clark, the chairman of Brookfield Property Partners, said 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, the 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," he noted.

Arif Amiri, the chief executive 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 joint venture partners further signifies the DIFC’s position as a leading centre for business. We believe the development will be a highly desirable and prominent business address," he added.

Grant Booker, the senior executive partner, Fosters + Partners, commented: "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 (Leadership in Energy and Environmental Design) 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.'-TradeArabia News Service

Tags: ICD | Mixed Use | Brookfield |

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