Dubai: Gulf Resources Development and Investment LLC (GRDI) announced Wednesday its launch of the new Standard Chartered Bank Building in Dubai.

Standard Chartered will lease more than 60 per cent of the office space within the 252,000 square foot tower, and will operate a 4,000 square foot retail branch at the main lobby level, a company spokesman said.

"To be a partner with Standard Chartered Bank in such an innovative building is a great honour," said Mohammad Salem Al Minhali, CEO of GRDI, in an emailed statement.

"We believe that the future of office construction will be in bespoke tailored buildings, developed in close consultation with tenants such as Standard Chartered."

The completed $140 million (Dh514.14 million) development would include state-of-the-art features, designed in consultation with the bank, to serve as an example of responsible construction he said.

The building's industry-leading energy- and water-saving features would make it one of the Middle East's most environmentally friendly developments, the spokesman said.

GRDI describes itself as a real estate development and investment company owned by Mohammad Salem Al Minhali and Jim Osborne, which is focused on the development of occupier-driven real estate solutions for global companies in the developing world, in particular in Europe, Africa, the Middle East and Asia Pacific.