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star india has renewed its lease for approximately 450,000 square feet of office space spread over 16 floors of commercial Tower Urmi Estate Whose India Headquarters. is in Mumbai‘s lower parel business district for a long term term of nine years.
The company has also leased 16 floors in Urmi Estate, apart from the ground floor lobby, meeting room and studio area on the ground floor as well as mail room and terrace on the 8th floor adjacent to it. Urmi Iconic Buildingwhich is part of the same complex.
The media company will pay rent of Rs 768 crore during the total tenure of the lease, which includes a 4.5 per cent hike in rent at the end of every 12 months.
The agreement includes a lock-in period of seven years, including a notice period of nine months for Star India. The licensor, Keshav & Co., shall have the entire lease period as its lock-in period.
According to documents obtained through CRE Matrix, a real estate data analytics firm, the company will have the right to terminate and surrender any two floors of the said premises by giving nine months’ notice at any time after December 31, 2026.
The agreed rental does not include the cost of maintenance of common areas in the buildings and Star India is expected to pay normal maintenance charges for a portion of the said premises of approximately 419,000 square feet of chargeable area, as per the terms of a separate agreement. with the service provider.
The company has already paid Rs 93.48 crore as security deposit to the landlord. As part of the deal, Star India will get access to a total of 650 parking spaces, including 500 car parking slots.
Star India did not get a response to ET’s email till the time of writing this news.
Effective March 2019, with the conclusion of a $71 billion deal with 21st Century Fox, The Walt Disney Company now owns the Indian television major Star, which owns several sports and entertainment channels.
Office space demand has made a strong comeback in major property markets. The first nine months of 2022 have seen record net absorption backed by strong supply fulfillment and healthy pre-commitments.
According to a report by JLL India, net office absorption has registered a jump of 107% YoY at 30.3 million sq ft in the top seven cities in the first nine months of 2022, supported by strong supply fulfillment with healthy pre-commitments Is.
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