The auction is the first of its kind for Dubai, which has been struggling to reanimate its commercial real estate market following the recent global economic crisis. The space that is being auctioned is located above the 110th floor, and the minimum bid for the auction is $5.4 million, which must be submitted by June 12.
‘As far as notable real estate auctions go, this one tops them all,’ states Bill Lange, president and CEO of the LFC Group of Cos., which will conduct the auction through its Freedom Realty Exchange online auction platform. ‘Regardless of the notoriety of the Burj Khalifa, the auction will attract serious buyers who understand that this is a once-in-a-lifetime opportunity to purchase an entire corporate floor in the Burj Khalifa at a price they determine through online bidding.’
The Burj Khalifa, which opened in 2010, stands 2,716 feet tall and is a mixed-used property consisting of 163 floors; 37 floors are devoted to corporate office space.
(Photo courtesy LFC Group)