Dubai: Mubadala has announced that it has leased the majority of units of its first tower in Sowwah Square.
The 40,400 square metre tower, which is part of a four-building complex, has now leased space to more than 13 regional and international firms.
They include Gulf Capital, Abu Dhabi Finance, Booze and Company, Norton Rose, Herbert Smith, Baker Botts, Akin Gump, Latham and Watson and Hogan and Hartson. The remaining space in the tower is still under final negotiation.
"As the four towers and ADX building are being completed, increased interest is being shown by prospective tenants who can see the highest quality of environment being created, both internally and externally," said Peter Wilding, executive director of Mubadala Real Estate & Hospitality.
"Experience has taught us that there is always a flight to quality for those who want the best."
Sowwah Square comprises four Grade A office towers totalling 183,000 square metres of leasable space. Two towers are set to be operational by mid-2011 and the rest are in "advanced stages of construction", according to a statement by Mubadalla.
The two bridges will provide fast and easy access to the city centre and work on the Salam Street interchange is scheduled to be finished by the time the whole project is completed.
The development also includes Rosewood Abu Dhabi and the Four Seasons Abu Dhabi hotel.
Business district
These towers are located in the master development Sowwah Island, which will be a 114-hectare investment zone and business district.
A number of new master developments like this are adding to new Central Business District (CBD) pockets in Abu Dhabi.
"The traditional CBD has been from the corniche down to Defence on 13 street where there is Abu Dhabi mall. What you're starting to see now is other CBDs emerging," Richard Foulds, director at CB Richard Ellis, told Gulf News.
"Sowwah Square, for example, is in its own right creating its own CBD. You also see places like Capital Centre next door to Adnec coming into their own," he added.
