Dow Chemicals Leases 1.79 Lakh Sq Ft in Navi Mumbai's Mindspace Airoli

Mumbai: Dow Chemicals International Pvt Ltd has secured 1.79 lakh sq ft of office space at Mindspace Business Park in Airoli, Navi Mumbai, under a 10-year lease agreement. The monthly rent for this expansive space is ₹1.64 crore, and it comes with 225 vehicle parking spaces.

Five Floors Taken At SEZ Tower The US-headquartered chemical major has taken up five floors, from the 2nd to the 6th, in one of the towers of Mindspace Special Economic Zone, owned by Mindspace Business Parks. The company is estimated to pay around ₹250 crore in rentals over the lease period.

Agreement Terms And Rental Structure The lease, which will commence on September 15, sees Dow Chemical paying a monthly rental of ₹1.64 crore, translating to ₹64 per sq ft on the chargeable area. The agreement includes a clause to escalate rentals by 5% annually. Additionally, the transaction involves a security deposit of ₹14.77 crore.

Security Deposits And Fit-Out Costs The deal also includes a fit-out security deposit of ₹82.09 crore, which will be refunded in tranches of 10% each year. The fit-out rent is set at ₹29.45 per sq ft per month, with no escalation throughout the term, as per documents accessed through the Department of Registration and Stamps, Government of Maharashtra.

Mindspace Business Park in Airoli is a premier business destination, known for its state-of-the-art infrastructure and strategic location. This lease by Dow Chemicals highlights the growing demand for high-quality office spaces in Navi Mumbai, particularly in the SEZ areas, which offer significant business advantages and tax benefits.

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