[ad_1]
Aditya Birla Group company Hindalco Industries occupies an entire floor spanning 50,000 square feet of office space in blackstone group Unit Nucleus Office Park, commercial at Complex One International Center MumbaiPeople with direct knowledge of the development said the business is on a long-term lease of five years in District Lower Parel.
The company will pay a total rent of around Rs 54 crore for these five years, which also includes a 15% rent hike after the first 36 months. The agreement has an option to extend the lease period for another five years.
Hindalco Industries‘ The headquarters are currently located at Birla Centurion, Worli ‘a standalone commercial tower on Budhkar Marg close to the new complex.
“Senior executives of the company are expected to work from the new office where the fit out work is currently underway,” said one of the people cited above.
The aluminum and copper manufacturing company is looking to consolidate its various offices and expand capacity at the new office to ensure ease of connectivity for its employees while keeping the new office in the vicinity of the Birla headquarters.
Various entities of the Aditya Birla Group including Aditya Birla Finance, Aditya Birla Capital, Aditya Birla ARC have already nucleus One World Center of Office Parks, one block from One International Center. Of these, the headquarters of Aditya Birla Capital is located in One World Center.
Hindalco has taken the 21st floor, a 22-storey and 7 lakh sq ft frontage new tower at T4, which is part of One International Center in Lower Parel.
An international center already houses the headquarters of large global and Indian firms, including Deloitte with offices of around 2.30 lakh sq ft, Mondelez around 70,000 sq ft and Franklin Templeton with 40,000 sq ft.
Both Hindalco Industries and Nucleus Office Park declined to comment on the story.
Operating platform for Blackstone Group’s wholly owned offices in Nucleus Office Park, India. It manages the largest commercial real estate holding of about 4.4 million sq ft in the Lower Parel business district.
Office space demand has made a strong comeback in key property markets.
India’s top office markets to record total gross leasing activities of 51.6 million sq ft in 2022, up 36% from last year’s performance. Recent data from Knight Frank India shows that it was the second best year for office transaction volume historically, with 2019 achieving the peak.
In total office space absorption, Mumbai registered 6.4 million sq ft during the year, up 69%. In terms of new supply, the country’s commercial capital has completed construction of just over 1 million sq ft in the second half of 2022. Lower Parel has also witnessed strong leasing momentum in the last one year.
[ad_2]
Source link