Standard Chartered Tower

Dubai, UAE

The new Standard Chartered Tower in Dubai was created as a result of a uniquely successful collaboration between the Bank and GRDI.

  • The process started with joint site selection and agreement of commercial targets
  • Followed by collaboration on design, specification, construction and commissioning
  • At the outset an aggressive occupancy cost target was set that was 20% below the Bank’s then running cost. This target was exceeded. The market in Dubai has now moved in the Bank’s favour to a point where they occupy over 30% below market
  • Building the first instance of a Global Bank working with a developer to deliver a fully fitted building on a pre-let basis for a single rental figure
  • The Agreement for Lease was based on GRDI delivering to all of SCB’s global workplace and engineering standards. This happened without exception and in many areas, these standards were exceeded
  • The Agreement was predicated on SCB having full participation and final right of approval over all design and specification

Project summary

GDV: AED 600m

Sector or building type: HQ building

Total sq footage: 541,000 ft2

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  • The Agreement was based on SCB having zero capital spend or contribution with the exception of active equipment and artwork. This was delivered on
  • The development was delivered and the first moves happened exactly on schedule. The building was made available to SCB three weeks early to allow a Board Meeting to be held on the executive floor
  • The success of the development was due to a commitment to collaboration and trust. Clear alignment of interests was generated from start to end
  • Standard Chartered have stated that this model of delivery will be the basis on which they will engage with developers in the future. They maintain that this model when executed properly will deliver a better product, at a lower occupation cost and in a shorter timeframe
  • The final product has served as a basis for SCB redefining their Global Workplace and Engineering Standards. This has come about through a leaner, more simplified and more appropriate design and specification
  • Based on the success of the project, Standard Chartered selected GRDI to replicate the model for a new head office in Accra as well as a service centre in Chennai. GRDI secured these projects through exhaustive competition among a field of well-regarded Indian and African developers
  • GRDI hope to reach closure with Standard Chartered on a pipeline of similar opportunities in Jakarta, Seoul and Bangkok
  • This model of delivery has set a new high benchmark for the delivery of fully fitted, design and build to suit for financial services industry occupiers

The project has redefined Occupiers’ expectations of what can be achieved with the right approach in the Middle East and elsewhere. The project has caused a re-think among occupiers of a certain size about whether they have the same opportunity to reduce costs and optimise their portfolio. GRDI has closed another development in Dubai on the same basis with a Global conglomerate. GRDI will share detail and offer a reference on this project on a confidential basis

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