WeWork India leases 1.25 lakh sq ft office space in Mumbai

Aug 29, 2018 @ 04:39 PM
MUMBAI: New York-headquartered collaborative work-space major WeWork’s India arm has picked up nearly 1.25 lakh sq ft of office space spread over four floors on lease in Oberoi Realty’s commercial complex Commerz II in Goregaon suburb of Mumbai. The company will be paying rentals of ₹130 per sq ft a month, taking the total annual rentals to over ₹19.50 crore. The total tenure of the lease is 10 years with 15% rental escalation every three years.

Co-working space provider We-Work is betting big on India and has leased two buildings in Bengaluru and Mumbai with a total space of 3.3 lakh sq ft. This includes a 1.9 lakh sq ft standalone building owned by Enam Securities Group in Mumbai’s commercial business district Bandra Kurla Complex. In addition to this, the company launched a 1.05 lakh sq ft facility at Bristol Chowk in Gurugram on Wednesday. This was WeWork’s sixth facility in India after three locations in Bengaluru and two in Mumbai.

With the launch of WeWork Bristol Chowk, the company will provide space for more than 7,000 members across India.

An email query sent to WeWork India remained unanswered till the time of going to press. Vikas Oberoi, chairman, Oberoi Realty, declined to comment on the story.