The Indian arm of the popular co-working company WeWork that is based in New York has picked up 0.5 million sq ft office space in one of the largest deals by a co-working company.
The space has been leased across four locations in two major property markets of Mumbai Metropolitan Region and Bangalore. This would push the company’s total portfolio to nearly 2 million sq ft.
Out of this, the largest lease is for nearly 2 lakh sq ft in Navi Mumbai, followed by nearly 1.5 lakh sq ft in Bangalore. Talking about the details, the leases have tenure of total 20 years including initial term of 10 years with an option extend it by 10 years unlike usual tenures of three, five or nine years.
“As the shared workspace industry evolves rapidly, we have observed that more and more people want to work out of spaces that inspire them and help them connect and network with people,” Karan Virwani, CEO, WeWork India stated.
The company has been lately capturing properties for the purpose of aggressive expansion. It was last month that it picked up an entire commercial building, Zenia, spread over 12 floors, on lease in Hiranandani Estate, Thane. WeWork India will add around 7,225 desks to its existing capacity with these four new centres.