Simpliwork lease out 3.5 lakh sq ft in Hyderabad and Bengaluru to MNCs – ET RealEstate

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Managed space operator Simpliwork has leased 350,000 sq ft office space across Bengaluru and Hyderabad to large enterprises as corporates look at flexibility at the workspace. In Hyderabad, it has rented space to semiconductor company MosChip for setting up its headquarters, and another 150,000-200,000 sq ft to one of the largest financial firms.

“Given how dull the last year was, this year started on a pretty strong note. There has been significant demand across offices sizes, from companies looking at 100 seats to companies looking at 1,000 seats. I think there are a lot more enquiries and action in the market,” said Kunal Walia, founder, Simpliwork. The firm has also leased space in Mumbai, to Siemens Healthcare in Godrej One, Vikhroli.

Simpliwork has also signed up with US-based company AppsTech and with Canadian firm Tower Automotive, which is into auto manufacturing, supply chain and peripherals. “Most of the companies are purely looking at managed spaces that can reduce their capex,” said Walia.

Simpliwork also plans to roll out 10-15% of its portfolio under the ready-to-move-in space. It plans to launch spaces with 100 workstations or 300 workstations, totalling 340,000 sq ft built-in spaces, that customers can occupy immediately. “This year, the demand for such spaces will be higher. All of this will come into the market in the next three months, which is why we are hoping that with the vaccine rollout, etc., more clients will be looking at June-July this year to take up spaces that they can occupy immediately,” said Walia.

Currently, Simpliwork has 2.7 million sq ft space under management and it expects to double the area by the end of 2021. Large enterprises are expected to drive demand for flexible spaces irrespective of economic uncertainties. According to industry estimates, flexible space segment is expected to grow 15-20% annually on average to more than 50 million sq ft by 2023.

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Amazon India leases 2.6 lakh sq ft office space at Godrej Two in Vikhroli – ET RealEstate

MUMBAI: Godrej Fund Management, the real estate private equity arm of the Godrej Group, has entered into an agreement with Amazon India to lease nearly 2.6 lakh sq ft office space at Godrej Two, a commercial office building in Mumbai’s Vikhroli suburb.

The agreement is a combination of a lease and an option to lease additional space later totaling 2.6 lakh sq ft.

Godrej Two is first of the development assets under the private equity firm’s GBTC I program and is jointly owned along with realty developer Godrej Properties.

The office development project is part of the larger mixed-use development The Trees, which will be a mix of commercial, hospitality, retail and residential offerings. The larger development is already home to the global headquarters of the Godrej Group and other companies.

“We are delighted to welcome Amazon India to Godrej Two and look forward to further strengthening this partnership across our office portfolio…This deal is a further validation of our funds’ investment strategy that is focused on creating a portfolio of world-class office buildings across the country,” said Karan Bolaria, MD & CEO, Godrej Fund Management.

JLL was the transaction advisor for this office space transaction.

Amazon India currently occupies nearly 40,000 sq ft in Godrej One and is looking to expand its presence here with this new lease deal.

Godrej Fund Management, the wholly-owned subsidiary of Godrej Investment Advisors and manages over $1 billion of capital across four funds.

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Mumbai: 624 tenants of BMC colony at Vikhroli to get ownership flats – ET RealEstate

MUMBAI: The 624 tenants of BMC colony at Vikhroli Parksite were officially informed on Saturday evening they would get a 405 sq ft ownership flat. This is the first redevelopment of an old and dilapidated building in the suburb under section 33(7)(A) of Development Control Regulations.

It will ensure that the BMC gets 3,000 flats for project-affected persons (PAPs).

Till now redevelopment of old and dilapidated buildings was restricted to the island city. Of 432 old and dilapidated buildings identified as dangerous by BMC, most are in the suburbs. Resolution of the issue comes nearly a decade after residents sought redevelopment of the decrepit buildings. The colony comprises 28 buildings spread over 16 acres.

BJP MP Manoj Kotak took the lead in sorting out the issue. “When the residents approached me I took up the matter and worked on a solution. BMC will appoint a contractor to carry out construction. BMC benefits as otherwise the PAP component would have become sale component benefiting the developer,” he said. PAP tenements will be used to rehabilitate those living on nullahs, those affected by Metro rail, road-widening and other infrastructure projects.

Rajesh Gala, a resident of the colony, said it was a huge relief as their buildings are in very bad condition. “For 10 years, we were pursuing the matter with elected representatives. Six months back we met Kotak, who resolved the issue,” he said.

Deputy municipal commissioner Ramesh Pawar said BMC has constructed a transit camp on open space in the colony. “The proposal needs the standing committee’s approval. We will move residents in phases into transit buildings and once few buildings are ready, we will shift them to their new homes,” he said. This also takes care of rent.

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