Netflix leases 8,860 sq ft office space from WeWork in Mumbai – ET RealEstate

BENGALURU | MUMBAI: Online video streaming platform Netflix has signed a flexible workspace deal for an entire floor at WeWork’s Nesco coworking centre in Goregaon, Mumbai.

The transaction for 8,860 square feet, for about 320 seats, was signed on June 30, people aware of the deal said.

It will be used to execute visual effects work – which is seeing increased demand in the country — along with another company, Anibrain.

“The deal tenure is two plus one year with a lock-in period of 18 months. The employees operating out of Nesco complex will exclusively be aligned for Netflix work,” the people said, without disclosing its financial terms.

The WeWork Nesco IT Park in Mumbai spans eight floors with total seating capacity of 3,400 spread across 228,000 sq. ft.

This is the third large deal for WeWork this year.

Earlier this year, the flexible spaces operator signed a large deal with Commonwealth Bank of Australia and China’s ByteDance, across Bangalore and Mumbai.

Netflix and WeWork refused to comment.

Anibrain also has offices in Pune and the Andheri suburb in Mumbai, with around 700 employees catering to global clients and has worked on global projects like The Secret Garden, The Aeronauts and The Witcher.

“India is a very important centre of production globally. Most content creation happens out of countries like the United States, Japan and India,” said a second person aware of the deal.

India has emerged as a crucial content hub for Netflix, which has announced around 50 original series and films in the country.

Netflix took around 1,37,000 sq ft in Godrej Bandra-Kurla Complex in January last year to expand its presence.

“Once the lockdown is lifted, it may take another two months for the Godrej property to go live. Netflix will also move from the existing co-working properties,” another person who is aware of the deal said.

Netflix already has a flexible workspace with around 100 seats at The Executive Center at Maker Maxity in the BKC and a 9,000 sq ft separate office in the same complex.

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Mumbai: Unoccupied for 27 years, Tardeo tower to be razed – ET RealEstate

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MUMBAi: An 11-storey Tardeo building that has been “95% complete” for 27 years will be demolished ultimately. The structure has been at the centre of a court battle between the builder, who wanted to demolish it on the grounds that its condition had deteriorated, and flat buyers who were opposing it.

Seven months ago, the Bombay HC had referred the building, Pushpakunj, to a civic technical advisory committee to take a call on the structural stability after perusing two opposing reports last year.

The BMC panel has said the building needs to be “vacated and demolished immediately”. It found the structure had “deteriorated and was dilapidated” and said “it may collapse, endangering life and property”.

It falls in the C-1 category of dangerous buildings “beyond logical repair and unsafe for habitation”, the panel added.

Although 95% complete, the building was never occupied as the 5% unfinished work had left it without an occupancy certificate.

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Mumbai: Lenders approve Rs 490 crore bid for Jet Airways’ BKC office – ET RealEstate

MUMBAI: Lenders have approved a Rs 490-crore bid by Vrihis Properties—a Brookfield company—for two floors of office space owned by the now bankrupt Jet Airways in Bandra-Kurla Complex.

As the sole bidder, the Canada-based private equity fund had bid at the reserve price and did not face competition, banking sources said.

At that price, the 1.7 lakh sq ft office space in Godrej BKC Building works out to Rs 29,000/sq ft.

Bankers said it was a good price given the market conditions and uncertainty over real estate prices. Its sale was delayed as although lenders had initiated bankruptcy proceedings, the floors were mortgaged to HDFC.

Jet bid Rs 826 crore for plot in 2008

Bankers are unlikely to get the sale’s proceeds. Bulk of funds will go to HDFC and a small amount will clear airline debts from US Exim Bank.
Mumbai: Lenders approve Rs 490 crore bid for Jet Airways' BKC officeJet Airways, which shut down last year, had bid Rs 826 crore during an MMRDA auction to develop the BKC plot in 2008. The cash-strapped airline later tied up with Godrej Properties in 2011 to jointly develop the plot. In 2015, drug-maker Abbott India bought 4.35 lakh sq ft space in the building for Rs 1,479 crore. HDFC said the property was mortgaged to it by Jet.

A report by real estate consultancy firm JLL said workplace design will see a shift over time due to Covid-19 with a mixed response from occupants. While telecommuting will become more mainstream, leading firms worldwide will embrace flexible workplace arrangements and take steps for social distancing and good hygiene, it said.

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Brookfield Properties leases 3.5 lakh sq office space at Equinox Business Park – ET RealEstate

MUMBAI: Brookfield Properties, global real estate services company of Brookfield Asset Management, has leased 3.50 lakh sq ft office space at its Equinox Business Park in Mumbai to five corporate clients.

The company has leased the space to Boston-headquartered State Street Corporation, US conglomerate Hasbro, American-Canadian digital media and broadcasting company Vice Media, and Temasek Holdings’ portfolio company STTelemedia. These four global entities will be new tenants in the 10-acre complex near Bandra-Kurla Complex (BKC).

“We are delighted to onboard 5 corporate clients. With only 4 towers spread over 10 acres, we are the lowest density business spark in the CBD, ensuring ample space for safe social distancing,” said Vithal Suryavanshi, Senior Vice President & Regional Head-West, Brookfield Properties-Equinox.

Brookfield has also leased office space to one of its existing customers Tata Communications.

“While exploring leasing options for consolidating our requirements at Tata Communications, we did evaluate all options including BKC and surrounding locations and finally opted for Equinox because we saw value in the park,” said Ashwani Swamy, VP, Real Estate Infrastructure Management at Tata Communications.

Brookfield Asset Management had acquired the commercial complex Equinox Business Park with 1.25 million sq ft leasable area across 4 towers in 2018 for Rs 2,450 crore from its erstwhile owner and developer Essar Group. At that time, the business park had an occupancy level of around 40%.

“In the last 12 months we have concluded several transactions for clients like TCL, Solvay and Greaves Cotton adding to 360,000 sq ft of leasing uptake at Equinox. We have seen a major transformation of this asset,” said Viral Desai, National Director, Knight Frank India.

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