Oracle India Pvt Ltd has signed to lease 50000 sq. ft. office space in the Bandra Kurla Complex.
MUMBAI: Signing the lease agreement, Oracle India has made it certain that they will be having a new headquarters. The IT major will lease over 50000 sq. ft. of office space.
Bandra Kurla Complex is one of the leading commercial hubs in Mumbai. Further the commercial district is getting more popular now a day. Additionally it was reported as one among the most expensive commercial destinations in the Asia-Pacific region.
This increasing prominence of BKC would be what prompted Oracle India to lease new office space here.
Oracle India will pay Rs.340 per sq. ft. It means that the IT major’s lease deal is for nine years.
The lease agreement was advised by Jones Lang LaSalle. Speaking about the deal, JLL’s West India MD Ramesh Nair said that the current rates of BKC are between Rs.225 to Rs.400 per sq. ft.
Mr. Nair added that the group is in talks with other BFSI groups for leasing offices.
One entire floor will be leased by Oracle India. Their leased office is in First International Financial Centre (FIFC). This is an A grade commercial development inside BKC. The transaction was fixed for Rs.183.6 Cr.
Last year, in April 2012, Citi Bank had bought six floors in FIFC for Rs.986 Cr. This commercial transaction of 2.97 lakh sq. ft. of office space is the biggest in India.
Recently Godrej Developers have developed a commercial project in BKC. The joint venture of Jet Airways and Godrej Properties is one of the latest developments in the BKC.
Out of its total stock of 10.5 million sq. ft., only a mere 16% is vacant. The remaining space is fully occupied. Since the arrival of BKC, the prominence of Nariman Point has been fading.
