WeWork India Renews Lease on Massive 1.4 Lakh Sq Ft Space in Goregaon East, Mumbai
WeWork India, a majority-owned subsidiary of Embassy Group, has renewed its lease on a massive 1.4 lakh sq ft space in Goregaon East, Mumbai, with a rent of Rs 162 per sq ft per month.
Wework IndiaEmbassy GroupNesco It ParkCo Working SpacesManaged Office SpacesReal Estate MumbaiJul 26, 2024
WeWork India, which is majority-owned by the Bengaluru-based real estate developer Embassy Group, will pay a rent of Rs 162 per sq ft per month, amounting to a rent of Rs 27 crore per year. The lease agreement includes two escalations of 12 percent each, to be implemented in August 2025 and August 2028, respectively.
Nesco's Goregaon East office complex, known as Nesco IT Park, is a prominent hub for several tenants, including professional services networks, technology firms, and others. The complex also features a large exhibition facility.
Despite sharing its name, WeWork India operates independently of WeWork Inc, an American co-working space provider that faced bankruptcy proceedings in the United States before being taken over by property management software firm Yardi Systems in May. WeWork Inc held a 27 percent stake in WeWork India, which it received permission to exit and sell to the Embassy Group in June.
WeWork India currently manages around 8 million sq ft of office spaces across cities like Mumbai, Chennai, Bengaluru, National Capital Region, and others. The renewal at Nesco comes on the heels of WeWork India's announcement to acquire a total of 1,40,000 sq ft of space in Bengaluru and Noida. The company plans to further expand its managed office spaces and co-working spaces, despite facing stiff competition from players like Awfis, Smartworks, Synq.work, and others.
information on Embassy Group, a Bengaluru-based real estate developer, reveals that the company plans to take WeWork India public over the next two years and sell part of its stake to other investors. Embassy Group will retain the WeWork brand by paying a 2% 'franchise fee' to WeWork Inc, according to a report by The Economic Times.
Frequently Asked Questions
Who is the majority owner of WeWork India?
Embassy Group, a Bengaluru-based real estate developer, is the majority owner of WeWork India.
What is the rent per sq ft per month for WeWork India's leased space in Goregaon East?
WeWork India will pay a rent of Rs 162 per sq ft per month for its leased space in Goregaon East.
What is the total rent per year for WeWork India's leased space in Goregaon East?
WeWork India will pay a total rent of Rs 27 crore per year for its leased space in Goregaon East.
What is the total area of office spaces managed by WeWork India across various cities?
WeWork India manages around 8 million sq ft of office spaces across cities like Mumbai, Chennai, Bengaluru, National Capital Region, and others.
What are Embassy Group's plans for WeWork India?
Embassy Group plans to take WeWork India public over the next two years and sell part of its stake to other investors, while retaining the WeWork brand by paying a 2% 'franchise fee' to WeWork Inc.
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