CBRE, the global real estate advisory firm, have been appointed as leasing consultants and property managers for the soon to be completed AXA Building – located in the 450,000 square metre Bahrain Bay development.
CBRE will manage the property – a high specification 7 storey commercial building with a gross floor area of over 6,200 square metres. The building is to be occupied, in part, by AXA Gulf, providing purpose designed office accommodation for their Bahrain based employees and a customer service centre on the ground level. CBRE will also market the remaining office and retail space for lease, totalling approximately 3,200 square metres, across 11 units, with a range of available sizes starting at 160 square metres. The building will provide over 200 parking spaces and will offer an attractive parking ratio to tenants along with additional visitor parking.
The building will be of Grade A standard with sustainability a key consideration in its design. Rooftop solar panels and automated lighting controls are key features – fulfilling a need for energy conservation and efficiency. The property is also to be highly equipped in terms of security including biometrics and number plate recognition systems.
Richard Botham, CBRE’s Senior Director and General Manager, said: “The AXA Building is an impressive commercial property in a prominent position in Bahrain Bay, which is growing in popularity as a destination for office occupiers. It offers an easily accessible and strategically advantageous location for firms looking to establish or expand their operations in Bahrain. CBRE is delighted to have been appointed to manage and lease the AXA Building and look forward to working closely with AXA Gulf as owner occupiers of the property.”
Commenting on the announcement, Cédric Charpentier, CEO of AXA Gulf, said: ” I am delighted to have appointed CBRE to help us manage the new AXA Building. I am also proud that this property strengthens our commitment to the Kingdom of Bahrain and the region as a whole, as well as positively impacting the work-life quality of our colleagues in Bahrain.”
CBRE’s property management team in Bahrain currently manages a diverse portfolio of 24 assets including: retail, commercial office, industrial, residential and mixed-use properties.
Annual rental income stands at around $27 million across the portfolio and the total lettable area under management is estimated at 265,000 square metres.