In a significant co-working deal, Workshaala Spaces has leased 4.41 lakh sq ft in Noida from Embassy’s Galaxy Square Private Limited at a rent of ₹2.02 crore per month, according to documents accessed by Propstack.
In five separate leases, the flexible workspace operator has leased 2.14 lakh sq ft at the rate of ₹45 per sq ft, totalling a rent of ₹96.6 lakh per month spread across the ground, first, second, third, and fourth floors of Embassy Galaxy Business Park, Block D, for 108 months. It has paid a deposit for six months. The lease documents showed an escalation clause of 5% every year.
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The documents showed that Workshaala Spaces had leased 98,829 sq ft of space at a rate of ₹45 per sq ft, totalling ₹44.4 lakh per month, across the ground, second, third, and fifth floors of the business park in Block C. The tenure is for 108 months, and the lease escalates by 5% yearly.
Noida’s top real estate deal
The co-working firm has also leased 55,000 sq ft of office space at ₹48 per sq ft, totalling a rent of ₹26.4 lakh per month spread across the ninth and tenth floors. The documents showed the tenure is for 101 months.
The flexible workspace operator has taken on rent 47, 257 sq ft of space located on the ninth and the 10th floors at a rate of ₹48 per sq ft that totals to ₹22.68 lakh per month for 101 months, they showed.
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Workshaala Spaces has also taken on rent 25,236 sq ft in Block B of the building at ₹48 per sq ft for ₹12.11 lakh per month for 108 months.
There was no response from Workshaala Spaces and Embassy Office Parks. The story will be updated if a response is received.
According to the EmbassyOfficeParks website, Embassy Galaxy is a Grade A office park in Noida’s sector 62, covering an area of 9.88 acres.
