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Nykaa E-RetailThe multi-brand cosmetics and fashion e-commerce platform, has leased over 55,000 square feet of office space. Marathon FutureX In Mumbai‘s lower parel, The property also houses the local headquarters of L’Oreal and the corporate office of Zee.
A company listed on stock exchanges as FSN E-commerce Ventures, will pay rent of Rs 69 lakh per month, taking its total payment excluding rental escalation to Rs 41.40 crore.
The agreement includes a clause to increase the lease rental by 15% after the first 36 months.
There is a lock-in period of three years for the lease herowhile the developer Marathon Realty Termination of the agreement is not allowed before the end of the term, showed the documents obtained through CRE Matrix.
The lease period will start from August 2022 and end in July 2027.
commercial The tower also houses the corporate office of the French cosmetics multinational L’Oréal.
Nykaa has paid a security deposit of Rs 1.72 crore for office space on the second, third and 27th floors of the A wing of the tower.
Under the deal, the company will also get exclusive access to 24 car parking slots in the complex.
Nykaa E-Retail did not elicit any response to ET’s mailed query. Marathon’s managing director Mayur Shah declined to comment for the story.
FSN E-commerce Ventures, the parent unit of Nykaa, is India’s first female-led unicorn to hit the stock exchanges.
Founded in 2012 by entrepreneur and veteran banker Falguni Nair, Nykaa has emerged as one of the largest cosmetics and lifestyle brands in India.
Last November, the online marketplace for beauty and wellness products raised more than $700 million at a valuation of $13 billion.
Marathon FutureX is also the address of Tata Strategic Management, a consulting firm of the Tata Group. HDFCand the Consulate General of Israel, Thomas Cook and Diageo. In one of the largest front-office transactions, Essel Group had acquired 220,000 sq ft of commercial space spread over seven floors in a single office complex for Rs 400 crore.
Marathon Realty The 1.4 million sq ft office building is being developed in three phases, with the first two phases spanning 800,000 sq ft to the 24th floor.
Phase III, which will take the tower to the 38th floor, will make it one of the tallest commercial projects in the country. The project has already got the occupation certificate up to 31st floor.
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