BHIVE coworking leases commercial space from Adani Realty for ₹1.39 crore a month

BHIVE coworking leases more than 62,000 sq ft of commercial space from Adani Realty at a license fee of ₹1.39 crore per month

Tusker Workspace Pvt Ltd that operates BHIVE coworking workspaces, has leased seven commercial units spread across an area of more than 62,000 sq ft in a office complex by Adani Realty in Bandra Kurla Complex in Mumbai at a license fee of ₹1.39 crore per month for a period of five years, documents accessed by Propstack showed.

BHIVE coworking workspaces, has leased seven commercial units spread across an area of 62,188 sq ft in a office complex by Adani Realty in Mumbai at a license fee of ₹1.39 crore per month. (Picture for representational purposes only) (Pixabay)

The chargeable area for three units is 34183 sq ft for which the coworking firm has paid stamp duty and registration charges of ₹12.6 lakh. The license fee per month for these three units is ₹70 lakh and the license fee per sq ft is ₹223 per sq ft. The lock in period is five years. The license agreement that was signed on March 2, 2024 comes with an escalation clause of 15% increase in the lease amount after three years, the documents showed.

Tusker Workspace Pvt Ltd has leased four more commercial units on the third floor with a chargeable area of 28005 sq ft. It has paid stamp duty and registration charges of ₹10.3 lakh. The license fee per month is ₹57.4 lakh. The lock-in tenure is five years. This also comes with

A provision for license fee escalation at the rate of 15% after three years, the documents showed.

Tusker Workspace Pvt Ltd entered into this lease agreement with Adani's subsidiary Sunbourne Developers.

Adani Realty confirmed the deal.

“Managed coworking player, BHIVE has finalized a lucrative lease transaction with a Grade A building, Inspire BKC of Adani Realty marking a strategic move in the evolving landscape of flexible workspace solutions. With the announcement of leasing of approximately 62500 sq ft of space, BHIVE is looking at a very long term relationship,” a Adani Realty spokesperson said.

Inspire BKC is spread across 8 lakh square feet and offers rare specifications like 4.2 mt floor to ceiling height in BKC, a triple layer façade system, the spokesperson said, adding the transaction comes at a time when commercial real estate is undergoing a paradigm shift, with traditional office spaces being reimagined to accommodate the changing preferences of tenants.

“By leveraging the strengths of a Grade A building and the flexibility of managed coworking, the parties involved are poised to capitalize on emerging trends and capitalize on the growing demand for agile workspace solutions,” the spokesperson said.

There was no comment from BHIVE.

Mumbai has seen the highest coworking average monthly rental growth of 27% in the last four years followed by Gurugram at 19%, a new report by MyHQ by Anarock had said recently.

Coworking contributed 18% of total office supply in the top seven cities’ office leasing market in the current financial year. The current market size of flexible office real estate across the country is approximately 55 mn sq. ft. and is expected to touch between 100 mn sq ft to 140 mn sq ft by 2030, a report by MyHQ by Anarock has said.