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Bengaluru-based Bhive Workspace, a co-working operator, has taken on lease for five years, over 62,000 sq ft of space in Adani Inspire located in Mumbai’s Bandra Kurla Complex at a starting monthly rent of ₹1.39 crore.
Under the terms of the lease agreement, provided by data intelligence firm Propstack, the rent escalates 15 per cent after three years. The entire period of the lease is locked in for the renter.
Tusker Workspace Pvt Ltd, which operates Bhive, has signed two lease agreements to rent seven units in the building.
It is taking three units of a total area of 34,183 sq ft at a monthly rent of over ₹70 lakh, translating into an effective monthly rate of ₹223 per sq ft. It is also renting four units covering a total area of 28,000 sq ft at a monthly rent of ₹57 lakh. The effective rent includes the common area and branding charges.
Bhive will be using the rented premises to set up co-working and managed spaces, with data and server rooms as well as space for cafeteria.
The licence commencement date is March 2, but there is a rent-free period of eight months which will be used for fit-out works.
Sunbourne Developers, the special purpose vehicle that has developed Adani Inspire, is a step-down subsidiary of Adani Properties. It has 10 floors and the average quoted rent is ₹250 per sq ft a month. It is spread across 12 acres of land and offers offices ranging in size from 1,200 sq ft to 10,000 sq ft.
The building was originally developed by HDIL under a slum rehabilitation scheme and subsequently sold to Adani Realty, when it was unable to complete the slum rehabilitation as promised.