In a move to consolidate operations of all its four entities Mahindra Group Company has newly-leased office near BKC. The company will be paying monthly rental of ₹2.50 crore, taking the total pay out to around ₹270 crore.
Mahindra & Mahindra Financial Services has leased nearly 275,000 sq. ft. office space in Piramal Realty‘s commercial complex Agastya Corporate Park in central Mumbai‘s Kurla locality near business district Bandra-Kurla Complex (BKC), said a company spokesman.
The office space has been leased for 10 years starting from this month. This is amongst the largest office lease transactions in Mumbai post the Covid-19 pandemic. The long-term lease for a total tenure of 10 years that starts this month will see rental escalation of 5% every year.
Meanwhile, Edelweiss Securities, the financial services firm recently picked up nearly 100,000 sq. ft. of office space in Adani Realty’s commercial project -Inspire BKC through a long-term lease of over nine years. The rental pay out in this deal will be Rs 285 crore over the total tenure of the deal and is the largest office space transaction this year.
Piramal Agastya, spread over 16 acres on LBS Marg, is one of the country’s largest non-information technology (IT) commercial developments, with a total project size of nearly 2 million sq. ft.
ET has reported earlier that Singapore-based diversified conglomerate Keppel Corporation’s property arm Keppel Land is set to acquire part of Piramal Realty’s this commercial development for more than ₹1,200 crore.
Keppel Land has signed the term sheet to acquire nearly 1 million sq. ft. of commercial real estate spread across a total of six entire floors in this multi-tenanted tower.