CBRE appointed to lease and manage Fakhro Towers.
Owned by Abudullah Yousif Fakhro and Sons, the 30 storey tower provides 19,000m 2 of office accommodation and ground floor showrooms, along with a double height reception lobby. The tower will leased out to companies operating in Bahrain and will also be used to accommodate the various companies owned by the landlord.
"Broadly speaking, our role is all encompassing, but more specifically, it will entail property management (i.e.: lease administration, accounting and looking after the tenants). We'll also be involved in facilities management administration, which is, ensuring the property functions to the correct standard through specifying, tendering and subsequently managing the various service contracts," said Andy Hinson, senior director of CBRE, Middle East region.
"The building will be run to the highest standards with professional management and to accommodate the various landlord companies that will be relocating to Fakhro Tower in Q3 2012," he added.
"Furthermore, we expect to see strong demand from the market due to the quality and specification of Fakhro Tower. The building has been designed and constructed giving significant thought to the future users through provision of ample secure and covered parking, highly specified common areas and facilities."
Hinson added that Bahrain's real estate market would see demand and interest pick up over the course of 2012 following a broad flattening out in 2011.
"In terms of tenant demand for larger office space, those companies in the oil services sector, financial services and insurance are in the market for quality space. There is also some government derived demand, (but) good properties will still attract good interest," he explained.
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