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
COMPANY PROFILE
Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
The five pillars of Islam
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Max power: 700hp at 7,500rpm
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Transmission: Eight-speed dual-clutch auto
0-100km/h: 3.0sec
Top speed: 330kph
Price: From Dh1.14 million ($311,000)
On sale: Now
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Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90'+3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
Results
4pm: Maiden (Dirt) Dh165,000 1,600m
Winner: Moshaher, Pat Dobbs (jockey), Doug Watson (trainer).
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Winner: Heraldic, Richard Mullen, Satish Seemar.
5.10pm: Maiden (Turf) Dh165,000 1,600m
Winner: Rua Augusta, Harry Bentley, Ahmad bin Harmash.
5.45pm: Handicap (D) Dh190,000 1,200m
Winner: Private’s Cove, Mickael Barzalona, Sandeep Jadhav.
6.20pm: Handicap (T) Dh190,000 1,600m
Winner: Azmaam, Jim Crowley, Musabah Al Muhairi.
6.55pm: Handicap (D) Dh190,000 1,400m
Winner: Bochart, Richard Mullen, Satish Seemar.
7.30pm: Handicap (T) Dh190,000 2,000m
Winner: Rio Tigre, Mickael Barzalona, Sandeep Jadhav.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
BACK TO ALEXANDRIA
Director: Tamer Ruggli
Starring: Nadine Labaki, Fanny Ardant
Rating: 3.5/5
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
BLACKBERRY
Director: Matt Johnson
Stars: Jay Baruchel, Glenn Howerton, Matt Johnson
Rating: 4/5
Killing of Qassem Suleimani