Dubai – MENA Herald: SWEID & SWEID Development, the Dubai-based boutique real estate firm, announced today that it has signed a major 10-year lease agreement with the technology giant, Oracle for The Edge; a new grade-A commercial building in the heart of Dubai Internet City. The lease agreement covers five of the six floors, comprising approximately 75,000 sq. ft. Oracle is establishing a Dubai hub for its Middle East cloud computing operations and will be launching a recruitment drive for employees to be located in the building.
The Edge, which will see construction complete in Q2 this year, offers bespoke modern and efficient office space that addresses the demand for single-owner, large floor plate commercial space in Dubai.
Maher Sweid, Managing Partner of SWEID & SWEID, said: “Having seen strong leasing interest in The Edge since we launched the project back in 2014, we are delighted to have agreed lease terms with Oracle, one of the world’s largest and most respected technology companies. The Edge offers a highly efficient and modern office space located in the heart of Dubai Internet City, one of the most sought after locations for multinational corporations given its low density and proximity to the Sheikh Zayed Road. The Edge adds to our experience in the region and our growing presence in the Dubai market.”
Hussein Hamza, Gulf Cluster LeaderOracle said: “Dubai Internet City is the regional centre of the technology industry. Development of buildings like The Edge enable us to attract the brightest and most skilled engineers from around the Middle East. The premises will house our new regional cloud computing sales team, representing the next phase in the growth of our presence in Dubai.”
Mike Young, Head of MENA at CBRE said: “The Edge was always going to attract strong demand from major multinational corporations whatever the market cycle. SWEID & SWEID have yet again demonstrated their acute understanding of the local real estate market and delivered a product that meets current demand and future occupier trends. In Oracle, SWEID & SWEID have found a tenant of the highest quality, looking for a ‘state of the art’ commercial building to complement their strong business growth. It’s a win-win transaction.”
Construction of The Edge, which started in September 2014, comprises 100,000 square feet of Gross Floor Area over seven stories. In addition, the building boasts over 90,000 square feet of underground parking space, offering its tenants one of the highest parking-to-office ratios in the area.
In line with its development strategy, The Edge was fully funded prior to commencing construction. The building was designed by Brewer Smith Brewer Gulf (BSBG); a leading architecture, engineering and interior design group with over 35 years of experience in the UAE.