Tusker Workspace Pvt Ltd, the company behind BHIVE coworking workspaces, has signed a lease agreement to occupy seven commercial units in Adani Realty’s Inspire BKC office complex in Bandra Kurla Complex (BKC) in Mumbai. The lease covers an expansive area of over 62,000 square feet and will last for a period of five years at a monthly license fee of Rs 1.39 crore.
Details of the lease agreement
According to documents accessed by Propstack, the chargeable area for three of the leased units is 34,183 square feet. The stamp duty and registration charges paid for these units amount to Rs 12.6 lakh. The license fee for these units is set at Rs 70 lakh per month, with a license fee per square foot of Rs 223. The lock-in period for all the units is five years. March 2, 2024, marked the effective date of the license agreement.
The terms of the agreement include an escalation clause, which stipulates a 15% increase in the lease amount after three years. Four additional commercial units were also leased by Tusker Workspace Pvt Ltd on the third floor of Inspire BKC measuring 28,005 square feet. The stamp duty and registration charges for these units amounted to Rs 10.3 lakh. The monthly license fee for these units is Rs 57.4 lakh. Similar to the previous arrangement, the lock-in period for these units is for five years, with an escalation provision of 15% increase in the license fee after three years.
Uniqueness of Inspire BKC
Inspire BKC, an office complex developed by Adani Realty, stands out due to its remarkable specifications and facilities. Covering a sprawl of 8 lakh square feet, the building boasts a generous floor to ceiling height of 4.2 meters – a feature that provides occupants with an increased sense of space and comfort. In addition, the office complex features a triple layer façade system. These unique qualities, along with its convenient location in BKC, contribute to Inspire BKC’s allure for commercial tenants.
The changing landscape of commercial real estate
The agreement between Tusker Workspace Pvt Ltd and Adani Realty reflects the ongoing paradigm shift in commercial real estate. Traditional office spaces are being reimagined and transformed to adapt to the evolving preferences of tenants. Collaborative workspaces provided by companies like BHIVE have gained traction and popularity in recent years, offering a flexible and dynamic environment conducive to innovation and productivity. The leasing of substantial office units to BHIVE at Inspire BKC is an example of how the industry is adapting to these changing demands and embracing alternative work arrangements.
