Global alternative legal services provider DWF Mindcrest has leased over 2.80 lakh sq ft office space at Mindspace Business Parks REIT co-owned commercial complex Gera Commerzone in Pune‘s Kharadi locality.
Through this 10-year tenure lease, the company will occupy 1.12 lakh sq ft office space on the two floors of the 7-lakh-sq-ft commercial building in the first phase by January and has an option of taking up an additional 1.68 lakh sq ft space for expansion.
The company will be paying rentals of nearly Rs 80 per sq ft month, taking the total value of the transaction to Rs 125 crore over the total tenure. This will be DWF Mindcrest’s largest office in Asia Pacific.
“The new office in Pune will be a key part of the strategy for DWF Mindcrest to scale up managed services portfolio, thereby providing end to end alternate legal services solutions to clients across the globe,” said Shravan Mehta, vice president – Finance, DWF Mindcrest.
DWF Mindcrest currently operates with 444 employees in Pune. The new office at Gera Commerzone will have the capacity to go live with 1,000 employees, to begin with, along with supporting future growth in due course of time.
“Commercial property market fundamentals, despite the ongoing Covid19 pandemic, continue to remain promising with lower single-digit vacancy combined with strong demand potential in the upcoming quarters,” said Sanjay Bajaj, Managing Director – Pune, JLL that acted as the transaction advisor.
India’s commercial real estate clocked 11 million sq ft of leasing deals in the past three months and negotiations for an additional 8 million sq ft are underway.
Earlier this week, flexible office space operator Simpliwork Offices also inked a long-term lease for 2.30 lakh sq ft office space at Sky One Corporate Park in Pune. This transaction is the largest Pune office lease signed till date in 2020.