WeWorks, a New York- coworking firm’s Indian branch has acquired complete commercial buildings in Andheri, Mumbai. The building is acquired on the long-term lease of nine years along with a clause to review rental cost at the end of every three years.
According to the sources, the deal has been finalized and the setup work will be started in the next couple of weeks.
Vijay Diamond building covers more than 1 lakh sq.ft carpet in Andheri, Mumbai with a car parking facility of approximately 200 cars.
WeWork’s Indian arm started its operation in July 2017, and is regularly acquiring properties in order to expand its presence in the Indian real estate market. At present, the company is operational in 21 locations and has acquired more than three million sq. ft. area.
Prior to this, the company has acquired 1.9 lakh sq. ft. building owned by the Enam Securities Group. This building is located in Mumbai’s business district Bandra-Kurla Complex. Apart from this, the company also leased two buildings in Worli and another 1 lakh sq. ft. office in Navi Mumbai.
Recently, Karan Virwani, CEO India has said that WeWorks Indian arm has contributed 10% in 2018 and we are hopeful to have occupancy of 95% buildings in coming six months. He also said that the company has done exceptionally well and we are looking forward to business expansion in the Indian property market.