WeWork India leases 2.3 lakh sqft office space in Mumbai



New York-headquartered collaborative workspace major WeWork's India arm has picked up nearly 2.3 lakh sqft office space at Nesco IT Park in Goregaon suburb of Mumbai on a long-term lease, several persons with direct knowledge of the development, said.

The company has leased eight floors and the total tenure of the deal is 10 years. WeWork India will be paying Rs 144 per sqft a month taking the total annual payout above Rs 39.2 crore.

"The deal has been concluded and the lease tenure has already started with effect from beginning of September. The company has leased the space between fourth and 11th floors in Nesco tower IV," said one of the persons mentioned above. The lease agreement includes an escalation clause that ensures rentals will move up every three years.

WeWork's CEO Adam Neumann resigned recently following an upheaval over the company's complex corporate structure, valuation and increasing losses even as the global co-working major was planning its initial public offer.

An email query to WeWork India remained unanswered till press-time. Transaction advisor JLL India declined to comment for the story.

This is the 11th hub for We-Work India in Mumbai alone. The company started operations in 2017 and has since increased its number of centres to 32 across six key cities. The company offers 55,000 desks and has 40,000 members across these hubs in India. The new centre in Mumbai can add further 3,000 desks to the portfolio.

Nesco IT Park - building 4 is a 1.2 million sqft grade-A commercial project in Mumbai.

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