WeWork India leases office space in Thane
New York-headquartered collaborative workspace major WeWork’s India arm has picked up an entire commercial building, Zenia, spread over 12 floors, on lease in Hiranandani Estate, Thane.
The lease would run for five years and has a clause to increase the tenure later. The lease rental for the 1-lakh-sq-ft property is set at Rs 60 per sq ft for now and the agreement includes a rental reset clause after three years. This is the second transaction in three months involving an entire building for We-Work. In May, the company leased entire commercial building Raheja Platinum, spread over ten floors, in the Andheri suburb of Mumbai.
The company had earlier leased a 1.9-lakh sq ft standalone building owned by Enam Securities Group in Mumbai’s commercial business district Bandra-Kurla Complex.
It also leased two buildings in Worli and 1 lakh sq ft office space in Navi Mumbai.
“We are focusing on leasing properties in Mumbai, Delhi-NCR and Bengaluru to move towards increasing our number of desks to 35,000 by the end of 2018,” said Karan Virwani, CEO, WeWork India, adding Zenia is expected to accommodate over 1,200 desks.
In Mumbai, the company now has six facilities, including the latest lease of Zenia in Thane. Of the six properties, four — including Marol, Vikhroli, Goregaon and BKC — are currently operational.