Grade-A Office Tower at Sheikh Zayed Road Marks Developer’s GCC Real Estate Foray
Avighna Group, a Mumbai-based real estate developer, has successfully acquired Emaar Business Park–Building 3 in Dubai through its UAE subsidiary, Avighna Invest. The Grade-A commercial property, located on Dubai’s iconic Sheikh Zayed Road, has been purchased for AED 240 million (approximately INR 555 crore). The property was previously owned by Bank Muscat’s Izdihar Real Estate Fund.
The Emaar Business Park–Building 3 is a multi-tenanted, G+6 structure featuring a striking granite-and-glass façade. Spanning around 150,000 square feet of premium commercial and retail space, the property is home to several multinational and regional companies. Its prime location near key landmarks like Dubai Internet City, Media City, Palm Jumeirah, and Dubai Marina, coupled with excellent metro and road connectivity, makes it one of the most sought-after commercial addresses in Dubai.
Nishant Agarwal, Managing Director of Avighna Group, which has had a presence in the UAE for over three decades, stated, “The acquisition of Emaar Business Park – Building 3 is a strategic step in our vision to expand our real estate portfolio globally. This property’s exceptional design, blue-chip tenants, and prime location make it an invaluable addition to our holdings.”
Avighna Group, known for its landmark real estate projects in Mumbai, including the twin 61-storey One Avighna Park towers, is expanding its footprint into the GCC region. Agarwal added, “Our group has seen Dubai’s remarkable growth over the years and has always been impressed by the city’s pro-business environment. We are excited to finally be part of Dubai’s flourishing real estate sector and look forward to exploring new opportunities in the UAE.”
The deal was facilitated by Dubai-based Banke International Properties, which also has an office in Mumbai. Porush Jhunjhunwala, CEO of Banke International Properties, said, “This acquisition underscores the confidence investors have in Dubai’s premium real estate market. The city’s robust economy, business-friendly policies, and vision for sustainable growth continue to attract global investors. Dubai’s growing demand for Grade-A commercial spaces, driven by key sectors like banking, finance, logistics, and business services, ensures continued strong performance for properties like Emaar Business Park.”
The demand for high-quality commercial real estate in Dubai remains strong, with limited Grade-A office space and rising rental and capital values. Experts predict the market will continue to grow, with the next wave of new supply expected only in the next 4–5 years. As a result, capital values and rental prices are expected to rise, creating significant opportunities for investors in the city’s commercial property sector.
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