(Bloomberg) -- The owners of an office tower in the heart of Dubai’s financial district, whose tenants include JPMorgan Chase & Co. and Bank of America Corp., are considering selling a stake in the skyscraper, according to people familiar with the matter.
Brookfield Asset Management and state-owned Investment Corp. of Dubai are working with JPMorgan and Emirates NBD Capital to help sell a stake in ICD Brookfield Place, the people said, asking not to be identified because the talks are private.
The plan is in its early stages and could still change, they said. Representatives for Brookfield, Emirates NBD Capital and JPMorgan declined to comment. ICD didn’t respond to a request for comment.
The sale talks come amid a surge in demand for top-tier office space in Dubai, where rents have outpaced hubs like London and New York as businesses expand into the financial hub known for its love of glitzy construction.
Read More: Dubai Office Rents Are Rising Faster Than In NYC and London
That influx has helped end a multi-year real estate slump in the Gulf city. The owners of ICD Brookfield Place have said roughly 95% of the available 1.1 million square feet of office and retail space is now taken or under offer, with a long waitlist for the rest. Other tenants include BNP Paribas SA, Clifford Chance and Freshfields Bruckhaus Deringer.
ICD Brookfield Place is an equally-owned joint venture partnership between ICD and Brookfield Asset Management. The tower, which rises more than 900 feet (283 meters) over the city’s financial district, opened just as the pandemic spread globally.
--With assistance from Zainab Fattah.
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