By Accommodation Times Bureau
In one of the largest office deals in Mumbai at the start of 2019, Lodha Group announced that TATA Group companies (one of which is Trent) as the first and anchor client at the recently completed, world-class office building Lodha Excelus at New Cuffe Parade. The company has acquired 5 floors (around 150,000 sq.ft. of a leasable area) of office space, of which, 1 has been taken on lease basis and the balance 4 floors have been purchased.
Lodha Excelus at New Cuffe Parade is one of the few new office buildings completed in the island city in the last few years.
Shaishav Dharia, Regional CEO, Lodha Group said, “The transaction has been done at a value of approximately Rs 60 crores per floor, implying a deal value of Rs 300 crores – which makes the building worth Rs 1800 crore approximately. We have just completed the first office building at this project with over 800,000 sq. ft. of a leasable area and we are starting work on the second office building of about 11,00,000 sq. ft. soon. With a plethora of upcoming infrastructure projects and strong connectivity, the New Cuffe Parade development is expected to firmly become part of the BKC office ecosystem, and with MMRDA’s efforts expect this area to become Mumbai’s next CBD due to high-quality development and great connectivity.”
He further added, “Over the last 3 years, we have focused on building a significant rental business – we have numerous completed assets and a significant amount under development which will be completed over the next 6-36 months, giving us an annuity business worth over Rs. 15,000 crores. We plan to further grow this business and emerge as amongst the top 3 national players in office, retail and warehousing.”
Lodha Excelus at New Cuffe Parade, a mixed-use development spread over 23 acres and encompassing 10 residential and 3 commercial towers.