HSBC Middle East HQ

Dubai, UAE

In 2015, Gulf Resources Development and Investment (GRDI) were approached by HSBC to construct their new Middle
East headquarters in Dubai.

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.

Project summary

GDV: $200m

Project type: 16 floors of office space, 780 car parking spaces, 3 basements and 4 podiums

Total sq footage: 300,000 ft2

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A key component of the Sale and Purchase Agreement was that the purchase price was agreed upon and fixed with HSBC and the final account did not deviate from this. There was never any penalty to HSBC for indecision and late change and the contract with the Main Contractor was structured to ensure this ‘flexibility without penalty.

A multi-national consultancy team was appointed with architects, engineers and cost managers from the UK comprising Broadway Malayan as base building architect, LOM as Interior Designers and Turner & Townsend as Cost Managers. Multiplex was appointed as the Main Contractor.

HSBC Tower comprises 3 basements and 4 podiums in which there are 780 car-parking spaces. In addition, there are 16 floors of office space with a total net internal area of 312,000 sq ft. The floorplates have been designed for optimum efficiency with a final net to gross efficiency in excess of 85%.

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