Avendus Capital Private Limited, one of India’s largest investment banks, which also offers wealth management services, credit solutions and its own funds, has leased four floors covering a total of 99,000 sq ft in Mumbai at a monthly rent of Rs 2.4 crore for five years, documents accessed by CRE Matrix showed.
The company has taken three units—801, 901 and 1001—in Platina, G Block, Plot No C-59, Bandra Kurla Complex (BKC), East Mumbai, spread over 82,173 sq ft. The starting monthly rent at Rs 257 per sq ft works out to Rs 2.11 crore and the security deposit paid is Rs 12.67 crore for the space that comes with 70 car parking slots.
The licensors are Raghuleela Estates and Wadhwa & Associates Realtors.
Avendus has also taken a unit on the third floor in the same building on lease. This starting rent for this 16,519 sq ft space is Rs 42.45 lakh with a security deposit of Rs 2.54 crore. This comes with 10 car parks. The per-sq ft rent works out to be Rs 257.
The lease and licence agreements were registered on September 16. They come with an escalation clause of 4 percent every year.
“BKC has emerged as the default destination for most corporates operating in the BFSI sector. CRE Matrix analytics indicate the average weighted rental of Platina in BKC is about Rs 270 per sq ft per month. The Avendus Capital deal is at Rs 257 per sq ft per month which seems broadly in line with the market over the five-year term. The average rental of this deal comes to around Rs 278 per sq ft per month. We are glad to see commercial office leasing back in action with high-ticket deals by large corporates in Grade A+ buildings,” said Abhishek Kiran Gupta, CEO and co-founder, CRE Matrix.
There was no immediate comment from the licensor or the licensee.
There is no doubting that office space leasing is back in Mumbai. Last year, Facebook took up 90,000 sq ft of office space at commercial tower One BKC in Mumbai’s most happening central business district through renewal and new lease agreements with the Blackstone Group.
Management consulting firm McKinsey & Company had taken 45,000 sq ft of office space at commercial project Maker Maxity in BKC at a monthly rental of Rs 410 per sq ft last year.
Apple India had renewed its lease for 15,925 sq ft of commercial space spread across three floors from Agni Commex LLP for a period of almost five years in Mumbai last year.
Online education firm Byju’s had leased office space across an area of about 44,000 sq ft in Mumbai’s Andheri East area for Rs 26.86 crore for five years earlier this year.BKC houses large corporations primarily from non-IT categories such as banks, insurance companies and government institutions. The growth driver for this area has been large industries and high-quality office buildings followed by better connectivity infrastructure.