Amazon leases 2.8 million sq ft space in Bengaluru, Chennai & Mumbai – ET RealEstate

BENGALURU: Amazon has leased about 2.8 million square feet of space in Bengaluru, Chennai and Mumbai to expand its offices in India as online customers shop more frequently and with larger baskets.

The Chennai office will come up in the Brigade World Trade Centre. In Mumbai, it has signed a long-term lease agreement for space at Godrej Two in Vikhroli suburb.

“Amazon has some immediate requirements and has locked in property across multiple locations. These properties are expected to be up and running in 2021,” said one person aware of the deal.

This is the third such transaction by Amazon since the lockdown.

The company also finalised 900,000 sq. ft. of office space in Bagmane Rio in Bengaluru.

“Amazon plans to utilise the new space to grow in India and cater to its global operations. India still remains highly attractive due to cost arbitrage and a high-quality talent pool for MNCs to set up offices here,” said another person aware of the deals.

The e-commerce behemoth already occupies over 10 million sq. ft. of office space in Bengaluru, Chennai, Hyderabad and Gurgaon.

Commercial deals for over 11 million sq. ft. have been finalised in the past three months in India and there are additional requests for proposals for another 8 million sq. ft. of office space.

Large deals concluded across Indian cities recently include those by Google, Accenture, Microsoft, Morgan Stanley and Standard Chartered Bank.

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Guardians Real Estate Advisory buys 7,500 sq ft in ONE BKC for about Rs 30 crore – ET RealEstate

MUMBAI: The Guardians Real Estate Advisory has bought a 7,500 sq ft office space at commercial complex One BKC in Mumbai’s business district Bandra-Kurla Complex (BKC) for around Rs 30 crore.

The real estate non-broking consultancy firm has picked up this office space in tower C of the building and plans to use this as its head office. Currently, the firm is based out of another commercial tower The Capital in BKC from where it plans to shift out in the month of September.

While deal size is small compared to other commercial transactions, it assumes significance because of it being an outright purchase in the backdrop of current market environment caused by Covid19 pandemic.

The firm plans to close the purchase with internal funds and has already made a substantially large down payment.

According to the consultancy, the purchase has been made to reduce the recurring cost of lease and comes at the back of the firm announcing sales of Rs 318 crores on Akshaya Tritiya, during the lockdown.

“Around 70% of the payment for the property has been made and we plan to shift during the auspicious days of Navratri this year. The response at our mandated projects post the lockdown gave us the confidence to proceed with the purchase,” said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.

Last year, Blackstone had purchased one of the three wings in ONE BKC at Rs 2,500 crore. The building has noteworthy clients like Bank of America, Facebook, Merril Lynch, Cisco, Amazon and also Brett Lee’s F45 Gymnasium and Fitness Studio.

Recently, Vrihis Properties–a Brookfield Asset Management company acquired beleaguered Jet Airways two floor office in Godrej BKC for Rs 29,000 per sq ft.

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