ICICI Prudential Life leases office space in Mumbai

economictimes.indiatimes.com:

ICICI Prudential Life Insurance Company has picked up 252,000 sq ft of office space in IT park Mindspace in Mumbai's Malad west suburb, for what will be its largest back-office facility, said persons with knowledge of the development. This is one of the largest office lease transactions concluded in the country so far this year.

The insurance major has leased this office space — spread across four floors — for five years through a structured deal, a person cited earlier said, adding that the company will be paying a monthly rental of Rs 91.5 per sq ft for the office space. The lease agreement includes a clause to escalate rentals by 4% every year.

«The new office with a capacity to accommodate 2,400 employees will be utilised by the company for expansion and relocation,» the source said. «The lease agreement was inked and registered earlier this week.» 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. This office is expected to be shifted to the new premises soon.

The office space will be picked up in 2 phases as and when the tenant vacates. ICICI Prudential Life Insurance will also get access to 231 car parking slots in the building, Prism Towers.