Mumbai: New York-headquartered collaborative workspace major WeWork’s India arm has picked up an entire commercial building in Mumbai’s Andheri locality on long-term lease, said three persons with direct knowledge of the development.
The lease would run for nine years with a clause to reset rentals every three years.
“The deal has already been concluded and the fit-out work is expected to start over the next couple of weeks,” said one of the persons mentioned above.
The building, Vijay Diamond, with over one lakh sq ft carpet area in Andheri’s MIDC locality is spread over two-thirds of an acre and has a parking facility for around 200 parked cars.
ET’s email query to WeWork India remained unanswered until the time of going to press. Text message and calls to the building’s landlord Ajay Shah and transaction adviser property consultancy firm Space Hunters India also did not elicit any response till press time.
WeWork India, started in July 2017, has been buying properties aggressively in a bid to expand its presence through a number of facilities. Currently, it has total 21 operational locations spread over three million sq ft with over 20,000 members.
In September, the firm had picked up an entire commercial building, Zenia, spread over 12 floors, on lease in Hiranandani Estate, Thane. Zenia was the second transaction involving an entire buil- ding by WeWork. In May, the company had leased Raheja Platinum spread over ten floors in the Andheri suburb of Mumbai.
The firm had earlier leased 1.9 lakh sq ft of standalone building owned by the Enam Securities Group in Mumbai’s business district Bandra-Kurla Complex.
Vijay Diamond, with over 1L sq ft carpet area is spread over two-thirds of an acre & has parking for 200 cars