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Table Space, Runwal ink 10-year, Rs 333-cr Mumbai office lease deal

Mumbai office deal lease : Table Space, a managed workspace provider, has finalized an agreement with real estate developer Runwal to mumbai office deal lease more than 1.31 lakh sq ft of office space in Runwal R Square, a Grade A commercial development in Mumbai’s Andheri suburb.

The long-term lease spans over 10 years, with a cumulative rental payout exceeding Rs 333 crore. The deal includes an option for Table Space to lease an additional 1.97 lakh sq ft, expanding the total space to almost 3.30 lakh sq ft and the estimated rental value to around Rs 800 crore.

Runwal R Square, situated on Andheri-Kurla Road near the international and domestic airports, boasts a 1.1 million sq ft commercial space spread over two acres. The 14-storey office tower, nearing completion, features 50,367 sq ft of carpet area on each floor. Table Space Technologies will occupy space on two floors initially, with the potential to extend to five floors through the provided option.

The company’s current portfolio exceeds 9.5 million sq ft, with a total capacity of over 75,000 seats in seven major Indian cities. The new Mumbai center, spanning around 1,500 seats, is set to be operational by September. Kunal Mehra, co-founder of Table Space Technologies, revealed plans for further growth, aiming to reach 21 million sq ft by the end of 2026, encompassing managed offices and TS Suites, offering “ready to move-in” offices.

Table Space Technologies recently secured a significant flexible office lease in Bengaluru, renting 3.5 lakh sq ft to Schneider Electric IT Business India. Additionally, they signed a deal with Microsoft for an extra 300,000 sq ft in the same Bengaluru property. This move follows the global trend of increased demand for flexible office spaces, driven by factors such as the growth of startups, evolving work culture, and the need for cost-effective solutions, particularly in the wake of the Covid-19 pandemic. The Indian market continues to witness flexible office integration by enterprises across various sectors, reinforcing its position as a rapidly growing hub for managed workspace solutions.

Disclaimer: Content taken from ‘The Economic Times’ E-Newspaper.

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