Assets
Office · Dubai International Financial Centre

ICD Brookfield Place

Al Mustaqbal Street, Dubai International Financial Centre · Built 2020 · 53 floors
Verified
Current value
$1.80B
▲ 2.7% 1-yr (modeled)
Cap rate
4.00%
▼ 220 bps vs 6.20% submarket
NOI · derived
$65.5M
Value $/SF
$1,636
$1.45B$1.53B$1.61B$1.69B$1.77B201920202021202220232024
sourcedmodeled1 of 6 sourced

Ownership & debt

Ownership graph

Asset → owner → parent → beneficial owner · every edge sourced

Ownership transparency

Recorded chain
Recorded owners
Joint venture: Investment Corporation of Dubai (~25.5%), Brookfield (~25.5%), Lunate (24.5%), Olayan Financing Company (24.5%)
Fee simple · 25.5% interest
Investment Corporation of Dubai (~25.5%)
Equity interest
Brookfield (~25.5%)
CA-ON · Business corporations (which includes professional corporations) · Equity interest
Lunate (24.5%)
Equity interest
Olayan Financing Company (24.5%)
Equity interest
Ultimate beneficial owner — as recorded
Originally developed and owned 50/50 by Investment Corporation of Dubai and Brookfield (Brookfield Corporation); ICD and Brookfield sold a combined 49% to Lunate and Olayan in 2024
Beneficial interest
Government of Dubai (via Investment Corporation of Dubai, its sovereign investment arm); Brookfield Corporation (TSX/NYSE-listed); Lunate (Abu Dhabi asset manager); Olayan Group (Saudi family conglomerate, via Olayan Financing Company)
Beneficial interest
Corporate structures from GLEIF LEI Level-1/Level-2 data (CC0, golden copy 2026-07-26). Methodology

Debt

No publicly recorded debt
Debt appears here only when a recorded mortgage, deed of trust or securitization filing names this asset — nothing is inferred from ownership or market norms.
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Tenants & leasing

estimated
Occupancy
96.0%
WALT (area-wtd)
10.8 yrs
Top-3 concentration
58%
EY (anchor tenant)Julius BaerLatham & WatkinsAkin GumpJ.P. MorganBank of AmericaClifford ChanceFreshfields Bruckhaus Deringer
Per-tenant lease detail arrives with disclosed stacking plans.
Top 8 of ~48 tenants shown. Occupancy / WALT / concentration are whole-building estimated figures.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
3.8%
Exit cap
4.25%
Exit value
$1.79B
Exit NOI
$75.9M
Unlevered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps5.1%5.7%6.2%6.7%7.2%
0 bps3.9%4.4%5.0%5.5%6.0%
+25 bps2.8%3.3%3.8%4.3%4.8%
+50 bps1.8%2.3%2.8%3.3%3.8%
+75 bps0.8%1.3%1.8%2.3%2.8%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Single source — AGBI (Arabian Gulf Business Insight) · https://www.agbi.com/real-estate/2024/04/lunate-and-olayan-buy-into-icdbp/ · observed 2024
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. $/SF: Estimated — no sourced claim on file.
  5. GLA: Estimated — no sourced claim on file.
  6. Ownership — Joint venture: Investment Corporation of Dubai (~25.5%), Brookfield (~25.5%), Lunate (24.5%), Olayan Financing Company (24.5%): Single source — lunate.com · https://lunate.com/en/news-insights/announcements/olayan-and-lunate-acquire-stakes-in-icd-brookfield-place
  7. Ownership — Investment Corporation of Dubai (~25.5%): Single source — lunate.com · https://lunate.com/en/news-insights/announcements/olayan-and-lunate-acquire-stakes-in-icd-brookfield-place
  8. Ownership — Brookfield (~25.5%): Single source — lunate.com · https://lunate.com/en/news-insights/announcements/olayan-and-lunate-acquire-stakes-in-icd-brookfield-place
  9. Ownership — Lunate (24.5%): Single source — lunate.com · https://lunate.com/en/news-insights/announcements/olayan-and-lunate-acquire-stakes-in-icd-brookfield-place
  10. Ownership — Olayan Financing Company (24.5%): Single source — lunate.com · https://lunate.com/en/news-insights/announcements/olayan-and-lunate-acquire-stakes-in-icd-brookfield-place
  11. Tenant — EY (anchor tenant): Single source — gulfbusiness.com · https://gulfbusiness.com/dubais-icd-brookfield-place-receives-first-set-of-tenants/
  12. Tenant — Julius Baer: Single source — gulfbusiness.com · https://gulfbusiness.com/dubais-icd-brookfield-place-receives-first-set-of-tenants/
  13. Tenant — Latham & Watkins: Single source — gulfbusiness.com · https://gulfbusiness.com/dubais-icd-brookfield-place-receives-first-set-of-tenants/
  14. Tenant — Akin Gump: Single source — gulfbusiness.com · https://gulfbusiness.com/dubais-icd-brookfield-place-receives-first-set-of-tenants/
  15. Tenant — J.P. Morgan: Single source — arabianbusiness.com · https://www.arabianbusiness.com/industries/real-estate/dubais-icd-brookfield-place-95-leased
  16. Tenant — Bank of America: Single source — arabianbusiness.com · https://www.arabianbusiness.com/industries/real-estate/dubais-icd-brookfield-place-95-leased
  17. Tenant — Clifford Chance: Single source — cliffordchance.com · https://www.cliffordchance.com/news/news/2023/02/clifford-chance-dubai-office-moves-to-icd-brookfield-place.html
  18. Tenant — Freshfields Bruckhaus Deringer: Single source — arabianbusiness.com · https://www.arabianbusiness.com/industries/real-estate/dubais-icd-brookfield-place-95-leased

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.