Gurugram-based flexible workspace provider Smartworks has leased 4.7 lakh sq ft of commercial space in DLF City in Gurugram for over ₹94 crore of annual rent, documents accessed by Propstack showed.
The office space, which spans five floors, is located in Phase 5 of DLF City for a six-year tenure.
The transaction was registered on December 3, 2024. According to the documents, the lease commenced on November 1, 2024, and the rent payment is applicable from March 2025.
The registration documents show that Smartworks paid a rent of ₹165 per sq ft and a six-month security deposit of ₹47.3 crore.
The rent will be escalated by 9% after three years. The documents show that the company has access to 794 parking spaces.
“Our growth in Gurugram reflects the increasing demand for fully managed and serviced campuses. This expansion aligns with our commitment to 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. Our focus is to enhance productivity and support growth in a professional and dynamic work environment,” Neetish Sarda, Founder at Smartworks, said.
Meanwhile, an email query was sent to DLF but did not receive a response. The story will be updated when we receive a comment.
Also Read: Smartworks Coworking Spaces files IPO papers with Sebi, eyes ₹550 crore from fresh issue
Previous leasing
In August 2024, the company 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 five-year license period.
This comes after the company announced the expansion of its Pune portfolio, adding over 6 lakh sq ft of prime office space, bringing its footprint in the city to over 3 million sq ft.
In the same month, Smartworks filed its preliminary papers with the markets regulator Securities and Exchange Board of India to mobilise funds through an initial public offering (IPO). The IPO will include a mix of fresh issuance of equity shares worth ₹550 crore and an offer-for-sale (OFS) of 67.59 lakh equity shares by the existing equity shareholders.
The company is concentrated in cities including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai. As of March 31, 2024, it had a presence in 13 cities and a portfolio comprising 41 centres spanning 8 million square feet.
Also Read: Smartworks leases 6.13 lakh sq ft office space in Pune for a starting rent of ₹4.44 crore per month
Major transactions in Gurugram
Earlier, Virat Kohli leased 12 office spaces in Gurugram for nine years at a starting monthly rent of ₹8.85 lakh.
The office space is located in a project called Reach Comercia, a corporate tower in sector 68 in Gurugram. The total leased area is spread across an area of 18,430 sq. ft and comes with 37 car parking.
In December 2023, Air India signed a lease agreement to take up commercial space covering 6.2 lakh sq ft in the E-Innovation Centre in Gurgaon, Sector 75, at an annual rent of over ₹90 crore for 21 years.
The airline, acquired by the Tata Group in January 2022, has taken up blocks B, C, and E spread across an area of 3.61 lakh sq ft, at an average rent of ₹2.40 crore per month and an average rent of ₹43.29 crore per annum, E-Novation Centre, Sector 75, Gurugram from the landlord, Innovative Techno Park Pvt Ltd.
The starting monthly rent is ₹2.40 lakh, and the security deposit paid is ₹14.40 crore. A stamp duty of ₹3.89 crore was paid for the deal
