WeWork India inks lease deals in Mumbai

WeWork India inks lease deals in Mumbai
04/12/2017 , by , in News/Views

New York-headquartered collaborative workspace major WeWork’s India arm has picked up nearly 1.7 lakh sq ft office space on lease in two separate transactions in Mumbai’s Andheri and Vikhroli suburbs, said three persons familiar with the development.

Out of total newly-leased space, nearly 1 lakh sq ft is in Blackstone Group’s commercial complex 247 Park in Mumbai’s eastern suburb Vikhroli. The second deal has been concluded for 70,000 sq ft in an office building in the western suburb of Andheri.

This is in addition to the co-working space provider’s total leasing of 3.3 lakh sq ft space earlier this year in two deals in Mumbai and Bengaluru. For its first flagship co-working space, WeWork India had leased the 1.4-lakh sq ft building Embassy Galaxy on Residency Road in Bengaluru.

It also leased Enam building, a 1.9-lakh sq ft standalone property owned by Enam Securities Group in Mumbai’s commercial business district Bandra Kurla Complex. “Of the recently concluded two deals, WeWork will be paying monthly rent of ₹92 per sq ft for space in 247 Park. Rentals for the Andheri office space is set at ₹100 per sq ft,” said one of the persons mentioned above.

Both the lease agreements are for total 20 years with a clause of resetting rentals every three years. Karan Virwani, director, WeWork India, confirmed the transaction tenure, but declined to comment further, citing We-Work’s global protocol.

Currently, WeWork India has total three operational centres in the country, including two in Bengaluru and one in BKC, Mumbai, with cumulative capacity of 6,000 desks across these operational centres.

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