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Andheri becomes hot spot for corporates seeking office space

Colgate-Palmolive (India) Ltd has taken on lease almost 1.2 lakh sq ft inLarsen and Toubra  (L&T) Business Park in Powai for Rs 115 per sq ft per month, or roughly Rs 16 crore a year.

In another deal in Andheri (E), US-based Fedex, the world’s largest package delivery service, leased 1.15 lakh sq ft of office space in Boomerang, a commercial complex constructed by Kanakia Spaces in Chandivli near Powai.

The 10-year agreement has been reached at approximately Rs 80 per sq ft per month, or over Rs 11 crore a year for the 1.15 lakh sq ft.

Industry experts say Andheri (E) and its vicinity have become the favourite destination of corporate houses considering the proximity to the international airport and the metro.

In 2010, JP Morgan Chase took up 3.3 lakh sq ft of space in L&T Business Park. Many companies like HUL have already relocated to Andheri (E).


Sanjay Rohida of Aryans Properties, the broker for both Colgate and Fedex  deals, refused to comment. Developer Rashesh Kanakia confirmed the Fedex deal.

Colgate-Palmolive picked up the additional space in Powai as part of its expansion plans, which reportedly also involves shifting back office operations from abroad. The multinational currently occupies almost 1.5 lakh sq ft at Hiranandani Gardens in Powai, which functions as its corporate headquarters and research centre.

Industry sources said the deal involves the company taking possession of over 75,000 sq ft immediately, while the balance area will be occupied at a later stage. A formal agreement for the five-year lease period will be signed soon. A Colgate-Palmolive spokesperson refused to comment.

Fedex went for the large Chandivli space as it wanted to consolidate all its seven offices across the city under one roof.

Source: http://articles.timesofindia.indiatimes.com

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