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Tusker Workspace Pvt Ltd, the operator of BHIVE coworking spaces, recently secured a significant lease agreement with Adani Realty, acquiring seven commercial units spanning over 62,000 sq ft in Mumbai's Bandra Kurla Complex (BKC). According to documents sourced from Propstack, the lease entails a monthly license fee of INR 1.39 crore for a five-year term. Stamp duty and registration charges amounting to INR 12.6 lakh were paid for three of these units, covering a chargeable area of 34,183 sq ft. The monthly license fee for these units is INR 70 lakh, translating to INR 223 per sq ft. The agreement, executed on March 2, 2024, includes a provision for a 15% escalation in the lease amount after three years.
Furthermore, Tusker Workspace Pvt Ltd secured four additional commercial units on the third floor, totaling 28,005 sq ft. Stamp duty and registration charges of INR 10.3 lakh were incurred for these units. The monthly license fee for this portion is INR 57.4 lakh. Similar to the previous agreement, this lease is also locked in for five years and includes a clause for a 15% escalation in the license fee after three years.
The leased space is part of Adani Realty's Inspire BKC complex, spanning a sprawling 8 lakh square feet. Notably, Inspire BKC offers distinctive features such as a generous 4.2 meters floor-to-ceiling height and a sophisticated triple-layer fa�ade system. A spokesperson highlighted that this transaction occurs amidst a transformative period in commercial real estate, where traditional office spaces are being reimagined to cater to evolving tenant preferences.
This lease agreement underscores the growing demand for flexible and shared workspace solutions, as exemplified by BHIVE coworking spaces. The strategic location within BKC, a prominent business district in Mumbai, further enhances the appeal of the leased units. Additionally, the inclusion of modern amenities and unique specifications in Inspire BKC aligns with the evolving needs of tenants in today's dynamic commercial real estate landscape.
In essence, the lease agreement between Tusker Workspace Pvt Ltd and Adani Realty signifies a significant development in Mumbai's commercial real estate sector. It reflects the adaptability of workspace providers like BHIVE to meet the evolving demands of modern businesses, while also emphasizing the importance of innovative design and amenities in attracting tenants to prime locations like BKC.
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