January 3, 2025
Smartworks takes 4.8 lakh sq ft in Gurugram for annual rent of Rs 94 crore
Real Estate News
Co-working player Smartworks has leased 480,000 sq ft in a DLF property in Gurgaon at an annual rent of Rs 94.68 crore for six years.
The space is located in DLF Commercial Building Block -3 in DLF City-Phase 5, Gurgaon, according to data accessed by Propstack.
The monthly rent amounts to Rs 7.89 crore or Rs 165 per square feet per month, it said, adding that the deposit amount is Rs 47.35 crore.
The company has access to a total of six floors, including the ground floor, and 794 car parking spaces. The agreement has a rental escalation of 9% in November 2027.
The company has a total super built-up area of 9.12 million square feet, across 45 centres in 13 cities.
This is the fourth managed campus for Smartworks in Gurugram, in addition to the existing campuses situated in Golf View Corporate Towers (Golf Course Road), RK 4 Square (Cyber City), and ASF Insignia (Vatsal Valley). Smartworks is working towards making the new centre operational by February 2025, it said in a release.
Neetish Sarda, founder, Smartworks, said, “This expansion aligns with our commitment of empowering enterprises by providing tailored office solutions in large campus settings, equipped with a range of amenities and services to cater to the evolving needs of the modern workspaces.”
Smartworks has been actively taking spaces on lease in the recent months. In August, it reportedly took 613,000 sq ft office in Pune for an annual rent of nearly Rs 50 crore. It also took a 450,000 sq ft office and 100,000 sq ft offices in Gurugram in recent months.
Recently, WeWork India, a flexible workspace provider, leased a two-floor building of nearly 117,000 sq ft in DLF Cybercity, Gurugram. The company also took two floors of 126,000 sq ft in DLF Cybercity, Manapakkam, Chennai, the reports said.
Source : FE
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