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ICICI Prudential Life Insurance Company has leased over 252,000 square feet of office space spread across four floors at Mindspace IT park in Mumbai's Malad West suburb. This will be the insurance company's largest back-office facility. The office space can accommodate around 2,400 employees, and the lease is for a period of five years.
The deal was signed and registered earlier this week making it one of the largest office lease transactions in India so far in 2022. ICICI Prudential will pay a monthly rental of INR 2.3 crore, which is around INR 91.5 per square foot, with an annual escalation clause of 4% increase in rent.
The new office will be utilized to expand operations and relocate employees. At present, the ICICI Prudential Life Insurance Company carries out its back-office operations from an office in Malad East, which has been in use for nearly a decade. The new office space will be taken up in two phases as the current tenant vacates. ICICI Prudential will also get access to 231 car parking slots in the Prism Towers building.
In 2017, ICICI Prudential had acquired an entire floor of 35,000 square feet in Bandra Kurla Complex for INR 147 crore.
Established by K Raheja Corporation, Mindspace is a brand that manages commercial and industrial parks. Located in Mumbai, Hyderabad, Chennai, and Pune, the Mindspace industrial hub offers offices, residential towers, entertainment facilities, and other retail businesses.
Located in Mumbai's Malad, Paradigm Mindspace offers offices, residential towers and retail spaces and lies in proximity to Inorbit mall and Botanical Theme Garden. Major tenants include JP Morgan, IBM, Bank of America and others.
Mindspace REIT was listed in 2020, joining Embassy REIT as one of India's first REIT listings. The REIT has a 180 MNC and fortune companies� client base. Mindspace REIT has raised the Malad-Goregaon micro?market into an evolved urban precinct of the Mumbai region. Growing demand from IT companies and a return to the 5 day office week is expected to further increase demand for rental office spaces. This demand coupled with Mindspace�s impressive financial performance, substantial leasing activity, and commitment to ESG practices further solidify its position as a prominent player in the Indian commercial rental market.
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