Wednesday, January 16, 2019 5:47PM IST (12:17PM GMT)
Tata Group Acquires 5 Floors of Prime Office Space at Lodha Group’s New Cuffe Parade
Transaction valued at 300 Cr; The new central business district of Mumbai comes to life
Mumbai, Maharashtra, India
Lodha Group announced a deal with TATA Group companies (one of it is Trent) at their office building Lodha Excelus at New Cuffe Parade. The company has acquired 5 floors- 1, 50,000 sq. ft. of leasable space, of which 1 is on lease basis & remaining 4 have been purchased.
In one of the largest office deals in Mumbai at the start of 2019, Lodha Group announced that TATA Group companies (one of which is Trent) as the first and anchor client at the recently completed, world-class office building Lodha Excelus at New Cuffe Parade. The company has acquired 5 floors (around 150,000 sq.ft. of a leasable area) of office space, of which, 1 has been taken on lease basis and the balance 4 floors have been purchased.
Lodha Excelus at New Cuffe Parade is one of the few new office buildings completed in the island city in the last few years.
Commenting on the transaction, Mr. Shaishav Dharia, Regional CEO, Lodha Group said, “We are very delighted to have someone of the stature of Tata Group as our first and anchor client at Lodha Excelus, New Cuffe Parade. The transaction has been done at a value of approximately Rs. 60 crores per floor, implying a deal value of Rs. 300 crores – which makes the building worth Rs.1800 crore approximately.We have just completed the first office building at this project with over 800,000 sq. ft. of a leaseable area and we are starting work on the second office building of about 11,00,000 sq. ft. soon. With a plethora of upcoming infrastructure projects and strong connectivity, the New Cuffe Parade development is expected to firmly become part of the BKC office ecosystem, and with MMRDA’s efforts expect this area to become Mumbai’s next CBD due to high-quality development and great connectivity.”
He further added, “Over the last 3 years, we have focused on building a significant rental business – we have numerous completed assets and a significant amount under development which will be completed over the next 6-36 months, giving us an annuity business worth over Rs. 15,000 crores. We plan to further grow this business and emerge as amongst the top 3 national players in office, retail and warehousing.”
Lodha Excelus at New Cuffe Parade, a mixed-use development spread over 23 acres and encompassing 10 residential and 3 commercial towers. The Lodha Offices portfolio comprises three brands i.e. Lodha Excelus, front offices for large corporates, Lodha Supremus, boutique offices for growing businesses and iThink by Lodha for back office spaces with a particular focus on IT/ITES sector.
Offering world-class offices spaces, the office spaces at Lodha are built with cutting-edge design to deliver exceptional levels of occupier well-being, environmental sustainability and collaborative work environments. Lodha Group has a total of 2.5-3 million sq. ft. office space planned across three towers including the first completed tower. About Lodha Group
Lodha Group is India’s largest real estate developer by sales and construction area. The company has clocked net new sales of over INR 8000 crores in FY 17-18 with collections of over INR 9000 crores. Lodha Group delivered over 11,000 offices & homes in FY 17-18, which is estimated to be the largest delivery of multi-storied developments by any company in the world (ex-China).
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