Bhive Workspace leases office space in Adani’s tower in Mumbai’s Bandra-Kurla Complex
Bhive Workspace has picked up over 62,000 sq ft across seven offices in Adani Realty’s commercial tower Inspire BKC situated on the edge of Mumbai’s business district Bandra-Kurla Complex (BKC) through a long-term lease of five years.
The company is planning to use the space leased through two separate agreements to set up managed coworking offices. Bhive’s holding company Tusker Workspace has entered into this lease agreement with Adani subsidiary Sunbourne Developers.
The lease rentals for the same has been set at Rs 205 per sq ft a month and the agreement includes a clause to escalate the same by 15% after three years, shows the documents accessed through Propstack.
Both the agreements that were registered on March 2, stipulate that Tusker Workspace is expected to pay a security deposit equivalent to six months’ licence fees in three tranches. The entire tenure of five years will be the lock-in period for both the parties.
The lease tenure will commence from May 2 and as per the agreement, Tusker Workspace will get a total 8 months as licence fee free period to undertake its fit out work. The company is expected to pay interest-free refundable fit out deposit of Rs 50 per sq ft of chargeable area before starting the work.
ET’s email query to Adani Group remained unanswered until the time of going to press, while Bhive Workspace could not be reached for a comment.
Recently, Reliance Nippon Life Insurance renewed a lease for 48,924 sq ft office space in this commercial tower for a tenure of five years.
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