Managed workspace platforms, Smartworks, has leased around 6.13 lakh sq ft of commercial space in a building in Pune for a starting rent of ₹4.44 crore per month for a license period of five years, documents accessed by CRE Matrix showed.
The company had earlier announced the expansion of its Pune portfolio saying that it had added over 6 lakh sq. ft of prime office space, bringing its footprint in the city to over 3 million sq. ft but had not provided details on rent or security deposit.
Also Read: Smartworks expands Pune portfolio; leases 6 lakh sq ft office space
The leased space comprises 4th to 18th floors of the 43EQ building located in Balewadi, according to documents.
The floors from the fourth to the eighth floor have been leased for a monthly rent of ₹1.49 crore for which a security deposit of ₹4.40 crore has been paid. The total area is 2.05 sq ft. These floors come with 178 four-wheeler parking spaces and 520 two-wheeler parking spaces, the documents showed.
The rent for the nine to the 13th floors is ₹1.46 crore per month and the security deposit paid amounts to ₹4.40 crore. The total area leased is 2.01 lakh sq ft. These floors have been provided with 175 four-wheeler parking spaces and 511 two-wheeler parking spaces, they showed.
Floors from the 14th to the 18th floors will be charged a monthly rent of ₹1.49 crore. A security deposit of ₹4.40 crore has been paid towards the lease of these floors. The total area leased is 2.05 lakh sq ft and these come with 178 four-wheeler parking spaces and 521 two-wheeler parking spaces, the documents showed.
The starting rent of ₹73 per sq ft per month has a 4.77% escalation built in every annum, they showed.
Smartworks coworking spaces gears up For IPO
Earlier, this month the Gurugram-based flexible office operator Smartworks Coworking Spaces had filed its preliminary papers with markets regulator Securities and Exchange Board of India to mobilise funds through an initial public offering (IPO).
Also Read: Smartworks Coworking Spaces files IPO papers with Sebi, eyes ₹550 crore from fresh issue
With a presence in 13 cities and a portfolio comprising more than 39 centres spanning over 8 million sq. ft, Smartworks caters to sector-agnostic large organizations, including Forbes 2000 and Fortune 500, as well as unicorns and soonicorns, serving over 550 clients.
Also Read: Smartworks leases 100,000 sq ft in Gurugram
Smartworks has a footprint of over 8 million sq. ft. across 13 cities (Delhi, Gurgaon, Noida, Kolkata, Bengaluru, Mumbai, Hyderabad, Chennai, Pune, Jaipur, Indore, Ahmedabad, and Kochi) with more than 39 centres. The company caters to more than 550 sector-agnostic organizations that includes large enterprises, unicorns and soonicorns.
Also Read: At 27% Mumbai witnesses the highest coworking rental growth since FY20
