ICICI Securities leases five floors on long lease at Mindspace Juinagar

Financial services giant ICICI Securities Ltd has entered into a 12-year lease agreement for five floors and the terrace, covering 1.88 lakh sq ft, at Mindspace Juinagar B3 building. The annual rent for this extensive office space, leased from Newfound Properties and Leasing Pvt Ltd, is ₹11.05 crore

Navi Mumbai: Financial services giant ICICI Securities Ltd has entered into a 12-year lease agreement for five floors and the terrace, covering 1.88 lakh sq ft, at Mindspace Juinagar B3 building. The annual rent for this extensive office space, leased from Newfound Properties and Leasing Pvt Ltd, is ₹11.05 crore.

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The company has leased the office space from the fifth floor to the ninth floor and the terrace from Newfound Properties and Leasing Pvt Ltd in the business park developed by K Raheja Group under its Mindspace Business Parks portfolio. The deal involves a chargeable carpet area of 1,88,070 sq ft at the rate of ₹49 per sq ft at a monthly rent of ₹92.15 lakh, with a 4% rent escalation each year. The lease for 144 months will commence on January 1, 2024, revealed the leave and license agreement registration documents accessed and shared by Proptstack.com.

Mindspace Juinagar B3 is a Grade A office building that is part of a 55-acre campus developed by K Raheja Corp. It is certified LEED Gold, according to industry sources.