Byju's rents 43,550 sq ft office space in Mumbai's Andheri
1 min read . Updated: 08 Feb 2022, 11:55 AM IST
Premium- Byju's has been ramping up its office footprint in Mumbai, and has taken up office space across various micro-markets in Mumbai over the last year. It picked up a 9,500 sq-ft office at a ‘Satellite Gazebo’ in Andheri on a five-year lease, where it will be paying an annual rental of ₹1.67 crore
BENGALURU: Think and Learn Pvt Ltd, which runs edtech unicorn Byju's, has taken up 43,550 sq ft on lease in suburban Mumbai from Krishna Developers Pvt Ltd, in one of the largest office space transactions in the city in recent times.
Byju’s has leased the space across two floors - 24,000 sq ft and 19,550 sq ft – at the ‘Corporate Centre’ office tower in Andheri-Kurla Road, and will get access to 20 car parks. It will be paying a combined monthly rental of ₹40 lakh for the first year (or ₹4.8 crore annually), which then increases 5% every year, according to documents accessed by real estate analytics firm CRE Matrix.
The Bengaluru-based edtech company will pay an annual rental of about ₹26.86 crore over a five-year lease tenure.
“Large lease transaction by India's top startup unicorn once again reaffirms our belief that Andheri is the most sought-after micro-market in Mumbai for commercial office space for multi-nationals, domestic giants and startups unicorns such as Byju's. Given the sheer size of the deal, we are not surprised at a sub- ₹100 per sq ft, per month rental," said Abhishek Kiran Gupta, co-founder and CEO, CRE Matrix.
Spokespersons of Byju’s and Krishna Developers didn’t respond to email queries.
Byju's has been steadily ramping up its office footprint in the financial capital, and has taken up office space across various micro-markets in Mumbai over the last year. It picked up a 9,500 sq-ft office at a ‘Satellite Gazebo’ in Andheri on a five-year lease, where it will be paying an annual rental of ₹1.67 crore. It leased about 3,000 sq ft in suburban Mumbai’s Glacis Tower building in Khar last year.
It also took up 400,000 sq. ft of office space on lease in 2021 in Bengaluru’s Outer Ring Road from developer Prestige Group, which can house nearly 4,000 people.
“…Commercial office property owners felt the heat in years 2020 and 2021 in terms of high vacancy and pressure on rentals. We believe 2022 will see some respite on both fronts. Pressure on rentals shall remain tight in Grade B buildings. This being Byju's second office space transaction in the vicinity in the last six months also indicates that the firm is consolidating its Mumbai headquarters in Andheri," Gupta added.
