Brookfield Venture Scores Dubai’s Biggest Office Deal Since 2019 - Bloomberg
A Brookfield Asset Management Inc. joint venture in Dubai scored the city’s largest office deal since 2019 after a Middle Eastern food-delivery firm decided to relocate its regional headquarters.
Merex Investment Group, jointly owned by Canada’s Brookfield and Dubai Holdings, signed a seven-year lease with talabat for its new headquarters to service operations in nine countries across the region.
Talabat, owned by Germany’s Delivery Hero SE, will take up 150,000 square feet (14,000 square meters) in two buildings in Dubai’s City Walk, an upscale shopping district. It’s the largest prime office space leased in Dubai since the pandemic upended traditional work, according to Merex Chief Executive Officer Shahram Shamsaee.
Prospects for commercial real estate are in flux as many employees still choose to work from home and take advantage of the flexibility afforded by policies instituted since the pandemic. Companies are responding by trying to lure them back with offers of a more attractive work space packed with amenities that allow for a more relaxed environment.
Talabat is tripling the amount of office space and will move nearly 1,000 employees from its current offices, across eight floors in the Business Bay area of Dubai, to a building that used to be a department store. The move for Talabat will be in two stages starting in November and ending in the first quarter of next year.
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