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Consumer appliances major Bajaj Electricals has picked up an entire floor of office space spread over 61,000 sq ft in Blackstone Group entity Nucleus Office Parks‘ commercial complex One International Center in Mumbai‘s business district of Lower Parel on long-term lease of nearly five years, said persons with direct knowledge of the development.
The company will be paying total rent of nearly ₹70 crore for these five years including a 4.5% rent escalation after every 12 months. The agreement provides the Bajaj Group company an option to extend the term of the lease up to 15 years at market rates then. “The deal was concluded and registered earlier this week. Bajaj Electricals is expected to start the fitout work soon and likely to move in by September or October,” said one of the persons mentioned above.
The company’s senior management will be operating from the new office.
Apart from an option to extend the term of the lease, the company is also in talks with Nucleus Office Parks to pick up more space.
Bajaj Electricals has picked up the office in T4, a 22-storeyed and 7-lakh-sq-ft front facing new tower that is part of Nucleus Office Parks’ One International Centre in Lower Parel. One International Centre already houses headquarters of large global and Indian entities including Deloitte.
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