Barclays Secures Prime Office Space in Mumbai’s Worli Area for Future Ventures
In a strategic move, Barclays Bank PLC and Barclays Investments & Loans (India) Private Limited have recently finalized separate lease agreements for expansive office spaces, encompassing a total of 64,995 sqft in Mumbai’s bustling Worli area. The prestigious Raheja Altmius now plays host to these commercial units, situated on the higher floors of the building.
The leasing agreements, officially registered on January 24 and January 25, reveal a monthly rent of Rs 2.07 crore. The per sqft rent for this deal stands at Rs 320, according to registration documents accessed by FloorTap.com. The lease term spans five years, with an enticing option for an additional five years in the renewal term.
Whispering Heights Real Estate Pvt Ltd, a subsidiary of MindSpace Business Parks, emerges as the lessor, providing a secure foundation for these ambitious ventures. The security deposit for this substantial venture amounts to an impressive Rs 12.47 crore. Notably, the commercial units come equipped with 51 parking spaces, catering to the practical needs of a dynamic work environment.
Timeline and Escalation:
Marking a future-oriented approach, the rent commencement date is set for July 1, 2024. The lease agreements include a two-year lock-in period, ensuring stability for both parties involved. Moreover, the rent escalation, pegged at 4.5 percent per annum, reflects a balance between affordability and adapting to market dynamics.
Barclays’ strategic choice in securing these prime office spaces signals a forward-thinking approach, setting the stage for innovative endeavors in the financial sector. This bold move, marked by a commitment to a decade-long presence in Worli, emphasizes Barclays’ confidence in the thriving business landscape of Mumbai.