Driven | Forbes Global Properties and its investment partner have sold Emaar Square Building 3 in Downtown Dubai for AED 725 million (US$197 million), closing out one of the larger commercial real estate transactions recorded in the emirate so far in 2026.
The firm acquired the asset off-market in November 2024 for AED 505 million (US$137 million). Over the 21-month hold, the partners pursued active asset management to strengthen the building’s income profile, with the exit delivering approximately 44% gross capital uplift at the asset level and more than 60% IRR on an equity basis.
Building 3 is an institutional-grade commercial property spanning approximately 243,000 sq ft of gross leasable area within the Emaar Square complex, adjacent to the Dubai International Financial Centre.
The deal benefited from tight conditions across Dubai’s Grade A office market. Q2 2026 data shows average office rents rose 13% year-on-year, with prime rents up 16% and overall occupancy approaching 94%.
“This transaction reflects the way we approach real estate investment: acquiring assets where we see upside that is not fully reflected in the market pricing, actively improving their positioning and income profile, and remaining disciplined on both entry and exit. That discipline is backed by a track record of nearly AED 4 billion in realised investments generating equity IRRs of 30% to 70%, and it is the foundation for how we intend to grow. Dubai continues to offer exceptional opportunities for investors who read the market at a granular level and act on value others overlook,” Abdullah Alajaji, Founder and CEO of Driven | Forbes Global Properties said in a statement.
The Emaar Square exit sits within a broader track record the firm says spans close to AED 4 billion (US$1.1 billion) in realised investments, with equity IRRs of 30% to 70% across development, value-add and opportunistic strategies.
A further AED 10 billion (US$2.7 billion) in gross development value remains in the active portfolio, covering positions across Jumeirah Bay Island, Port de La Mer, City Walk, Downtown Dubai, DIFC and the Dubai Water Canal.
An earlier comparable exit saw the firm acquire City Walk Building 17 for AED 94 million (US$26 million) in 2023 and sell it for more than AED 120 million (US$33 million) within roughly a year.
Following the Emaar Square sale, Driven Properties says it plans to recycle the capital into further acquisitions in Dubai, maintaining its focus on off-market sourcing and active management of commercial and residential stock.
