It is one of Abu Dhabi's most distinctive new properties but prestige will come at a price for tenants wanting to set up shop in the capital's leaning tower.
For prospective tenants in the Capital Gate, the curvaceous tower that leans at an angle of 18 degrees, will pay the highest rents in the Abu Dhabi starting at Dh2,500 (US$680.7) per square metre.
A broad marketing campaign is now beginning to lure in tenants to the 35-storey tower. Bill Lunt, Capital Gate director at the Abu Dhabi National Exhibitions Company (ADNEC) that built the tower, said the preference is for international companies that can help drive new business to Abu Dhabi's economy.
At yesterday's announced rates, a tenant taking up an entire floor could pay as much as Dh2.6 million a year. Floor sizes range from about 950 to 1050 square metres. Rupert Bowen-Jones, a senior surveyor for the property consultancy CB Richard Ellis, said those were the highest rates in Abu Dhabi.
Mr Lunt said that ADNEC would negotiate different terms with tenants, depending on the length of the lease and what they could bring to the building.
"The main priority is to drive business and focus on the destination of Abu Dhabi," he said. "International companies would add more value because they could drive or introduce new business, but we do look at local companies as well."
Average office rates in Abu Dhabi are about Dh2,000 per square metre, down from a peak of Dh3,800 per square metre in the final three months of 2008, according to Jones Lang Lasalle.
Abu Dhabi is approaching a stage where the major office and residential projects first launched in 2006, 2007 and 2008 are beginning to be delivered into the market. This is also coming at a time of uncertainty in the property sector, with demand for homes still at a low-point and office tenants waiting for rents to fall lower.
About 450,000 square metres of office space are expected to be added to the market this year, and another 1.4m square metres are expected before the end of 2013.
bhope@thenational.ae
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
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COMPANY PROFILE
Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar
Based: Dubai, UAE
Founded: 2014
Number of employees: 36
Sector: Logistics
Raised: $2.5 million
Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE
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MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
PULITZER PRIZE 2020 WINNERS
JOURNALISM
Public Service
Anchorage Daily News in collaboration with ProPublica
Breaking News Reporting
Staff of The Courier-Journal, Louisville, Ky.
Investigative Reporting
Brian M. Rosenthal of The New York Times
Explanatory Reporting
Staff of The Washington Post
Local Reporting
Staff of The Baltimore Sun
National Reporting
T. Christian Miller, Megan Rose and Robert Faturechi of ProPublica
and
Dominic Gates, Steve Miletich, Mike Baker and Lewis Kamb of The Seattle Times
International Reporting
Staff of The New York Times
Feature Writing
Ben Taub of The New Yorker
Commentary
Nikole Hannah-Jones of The New York Times
Criticism
Christopher Knight of the Los Angeles Times
Editorial Writing
Jeffery Gerritt of the Palestine (Tx.) Herald-Press
Editorial Cartooning
Barry Blitt, contributor, The New Yorker
Breaking News Photography
Photography Staff of Reuters
Feature Photography
Channi Anand, Mukhtar Khan and Dar Yasin of the Associated Press
Audio Reporting
Staff of This American Life with Molly O’Toole of the Los Angeles Times and Emily Green, freelancer, Vice News for “The Out Crowd”
LETTERS AND DRAMA
Fiction
"The Nickel Boys" by Colson Whitehead (Doubleday)
Drama
"A Strange Loop" by Michael R. Jackson
History
"Sweet Taste of Liberty: A True Story of Slavery and Restitution in America" by W. Caleb McDaniel (Oxford University Press)
Biography
"Sontag: Her Life and Work" by Benjamin Moser (Ecco/HarperCollins)
Poetry
"The Tradition" by Jericho Brown (Copper Canyon Press)
General Nonfiction
"The Undying: Pain, Vulnerability, Mortality, Medicine, Art, Time, Dreams, Data, Exhaustion, Cancer, and Care" by Anne Boyer (Farrar, Straus and Giroux)
and
"The End of the Myth: From the Frontier to the Border Wall in the Mind of America" by Greg Grandin (Metropolitan Books)
Music
"The Central Park Five" by Anthony Davis, premiered by Long Beach Opera on June 15, 2019
Special Citation
Ida B. Wells
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor