In one of the largest office leasing transactions this year by a financial services firm in terms of total space, ICICI Securities (I-Sec) has taken up 1,88,071 square feet of space at Mindspace IT park in Navi Mumbai for an annual rent of Rs 11 crore. The leased space is in Juinagar area of Navi Mumbai, owned by Mindspace Business Parks REIT.
I-Sec will occupy 5 to 9 floors of the building. The firm will pay also deposit of Rs 11 crore for the lease.
When contacted, a Mindspace spokesperson did not comment while ICICI Securities could not be reached.
The “leave and license” agreement was done for 12 years and the agreement has a rental escalation of 4% every year. “The rent is in line with market given the scale of the transaction,” said a real estate expert who did not want to be quoted,
This is one of the major office lease deals after the Union Government allowed floor wise and partial denotification in IT special economic zones which means IT parks can lease a portion of space to firms earning income in rupee terms.
ICICI Securities already owns a back office in Navi Mumbai, now it has taken a larger area for the same, people in the know said.
Recently, Reliance Nippon Life Insurance took 48,924 square feet space on lease in Inspire BKC, a commercial property owned by Adani Group in Bandra Kurla Complex , Mumbai.
