Mumbai real estate: Subsidiary of Redbrick Offices buys 22 commercial units in Mumbai's Andheri for ₹267 crore

Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, has purchased 22 office spaces spread over an area of 87,618 sq ft in Times Square building of Andheri

Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, a co-working space provider, has purchased 22 office spaces spread over an area of 87,618 sq ft in Andheri area of Mumbai for ₹267 crore, according to property registration documents accessed by CRE Matrix.

Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, a co-working space provider, has purchased 22 office spaces spread over an area of 87,618 sq ft in Andheri area of Mumbai for ₹267 crore. (Representational photo) (Pixabay)

The company has purchased a total of 22 office units on the 6th, 7th and 8th floor of Times Square building in Marol area of Andheri East, according to the documents.

While the deal for 18 offices was registered on May 3, 2024, the remaining four office units were registered on May 8, 2024, according to the documents.

The stamp duty paid for the entire transaction comes to over ₹8 crore and the per sq ft rate of the transaction works out to be around ₹30,500 per sq ft, according to the documents. The seller in the deal is NTPL Developers LLP. Red Fox has purchased 88 car parking spaces from NTPL Developers LLP and others as part of the deal, the documents showed.

According to local brokers, the Andheri East area is home to several co-working office spaces. Redbrick Offices is a co-working office space management company with 35,000 seats spread over 31 centres.

Redbrick offices are currently present in cities like Mumbai, Pune, Navi Mumbai, Thane, Bengaluru and Hyderabad. In Mumbai, the company is present in several commercial areas like Bandra Kurla Complex (BKC), Goregaon, Andheri and Lower Parel.

An email query sent to Redbrick Offices did not get any response and NTPL Developers LLP could not be reached for a comment.

Mumbai has seen several big-ticket commercial deals being signed in the last few weeks. ICICI Prudential Asset Management Company Limited had purchased 1,464 sq m of land along with a commercial space comprising 12 floors spread across an area of 63,000 sq ft in Santacruz East, near Mumbai International Airport, for ₹315 crore, according to documents accessed by FloorTap.com

Incuspaze, another co-working office space provider, had also leased 5.8 lakh square feet of office space in Gurugram, the company said in a statement on July 1.

The space that has been leased includes 2.20 lakh sq ft in M3M Urbana Premium on Golf Course Extension Road, and 3.5 lakh sq ft in Udyog Vihar. The Gurugram-headquartered co-working company is currently present in 44 locations across 18 cities with a total portfolio of 3 million sq ft.