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financial services group Avendus Capital Have taken up about 1 lakh square feet of office space in commercial Tower Platina Inn Mumbaibusiness district of Bandra-Kurla Complex By way of a five-year long term lease with the property developer Wadhwa Group,
The company will pay an average monthly rent of Rs 278 per sq ft, which includes the increase in rent over the total tenure of the lease, taking its total payment during the entire tenure to approximately Rs 153.44 crore. The initial monthly rent will be Rs 2.53 crore, showed documents accessed by ET.
Avendus Capital currently operates from a nearly 55,000 sq ft office in the former headquarters of troubled IL&FS, a 10-storey coveted property. bkc, Global alternative investment major Brookfield Asset Management recently emerged as the successful bidder for this IL&FS asset and is in the process of acquiring the same.
“Yes, the campus in Platina, BKC will be our new head office and home to over 450 employees across all our businesses, located in Mumbai. We are a people-centric business and this is part of our overall growth plans. We are planning to move to the new premises in the fourth quarter of FY 2013,” said Sameer Kamath, Group CFO, Avendus while confirming the deal.
The company has leased office space spread over four floors through two separate transactions registered on Friday. The financial services company has paid a security deposit of over Rs 15.22 crore to Raghulila Estates, a subsidiary of Wadhwa Group.
“Front office markets like BKC, Worli and Lower Parel are seeing a very strong return in 2022 on the back of leasing activity by large Indian and international investment banks, law firms, consulting companies and private equity firms. We expect rentals for BKC Trophy assets to increase aggressively,” said Rachit Mohan, co-head, Office Leasing Advisory, India, JLL.
As part of the deal, the company will also get exclusive access to a total of 80 car parking slots.
Both, the tenant as well as the owner’s side of the property, have to live within the lock-in period of the entire five-year period of the lease.
Platina is one of the early developments in BKC’s business district and has major tenants such as SAP, Sumitomo Corp.ferrari, grohe, Bandhan Bank and Avaya in its 3.5 square feet of office space.
The commercial office segment, which was hit hard by the pandemic, has made a strong comeback in the last 3-4 quarters owing to strong economic growth, increased recruitment and a return to office trend, a boom in the office sector.
The Indian office market grew significantly and delivered a strong performance in the first half of 2022. Office transactions were recorded at 25.3 million sq ft, a 107% year-on-year growth, indicating the market’s potential on the back of a looming pandemic and the promise of a sustainable economic recovery.
The new sizable leases are a sign that the market is steadily improving and confidence among occupiers with regard to the real estate requirements of organizations is on an upward trend.
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