Bajaj Electricals Leases 61000 Sq Ft of Office Space in One International Centre, Lower Parel, Mumbai

Bajaj Electricals Leases 61000 Sq Ft Office in One International Centre

Bajaj Electricals has leased an entire floor of office space in the commercial complex One International Centre in Mumbai's Lower Parel business district from the Blackstone Group entity Nucleus Office Parks on a nearly five-year lease, according to sources with direct knowledge of the transaction.

The company will pay a total of roughly Rs 70 crore in rent over the next five years, with an annual increase of 4.5%. The agreement gives the Bajaj Group company the option to extend the lease term to 15 years at then-current market rates.

The transaction was finalised and recorded earlier this week. Bajaj Electricals is expected to commence the fitout work shortly and likely to move in by September or October, 2023 as per one of the persons with knowledge of the commercial real estate deal in Lower Parel.

The senior administration of the company will operate from the new office.

In addition to a lease extension option, the company is in discussions with Nucleus Office Parks to acquire additional space.

T4 is a 22-storeys, 7-million-square-foot front-facing structure that is part of the One International Centre.

One International Centre is already home to the headquarters of numerous multinational and Indian corporations, such as Deloitte.