HSBC acknowledged at the outset that GRDI were the only developer in Dubai who had a track record of successfully delivering a Build-to-Suit for a major financial institution.
There followed four months of a highly collaborative and intensive programme of defining the building specifications primarily utilising the HSBC Global Property Standards with the building to be delivered fully fitted.
In late 2015 GRDI entered into a Sale and Purchase Agreement with HSBC and following extensive discussions with Emaar the last prime site in Emaar Square was secured next door to the Standard Chartered Bank Building.
The Sale and Purchase Agreement was based on GRDI delivering to all of HSBC’s Global Workplace and Engineering Standards. This happened without exception and in many areas, these standards were exceeded.
Furthermore, the Agreement was predicated on HSBC having full participation and final right of approval over all of the design and specifications and having zero capital spend or contribution with the exception of active equipment and artwork.