Smartworks leases 5.6 lakh sq ft office space in Pune

By: |
August 20, 2021 2:00 AM

The Grade A property is in an elite corporate neighbourhood and offers access to places like the Hinjewadi IT Park, Balewadi High Street and Mumbai-Pune Expressway, it said.

“Smartworks has leased a total of 5.6 lakh sq ft, encompassing more than 8,500 seats. It is already 40% pre-booked by IT-ITeS, BFSI and manufacturing clients and is scheduled to be operational in September. JLL India facilitated the transaction,” the company said.“Smartworks has leased a total of 5.6 lakh sq ft, encompassing more than 8,500 seats. It is already 40% pre-booked by IT-ITeS, BFSI and manufacturing clients and is scheduled to be operational in September. JLL India facilitated the transaction,” the company said.

Smartworks on Thursday said it has acquired on lease 5.6 lakh sq ft of office space at the co-working centre M-AGILE in Pune, which the managed office space provider said is the largest flexible office space deal in India. The company has invested around `150 crore in the project.

“Smartworks has leased a total of 5.6 lakh sq ft, encompassing more than 8,500 seats. It is already 40% pre-booked by IT-ITeS, BFSI and manufacturing clients and is scheduled to be operational in September. JLL India facilitated the transaction,” the company said.

The Grade A property is in an elite corporate neighbourhood and offers access to places like the Hinjewadi IT Park, Balewadi High Street and Mumbai-Pune Expressway, it said.

Smartworks founder Neetish Sarda said, “It has been a high growth trajectory for us in Pune in the last three years. We are excited about this new location as it’s the largest in our portfolio and the flex office space segment.” Prior to this, the largest deal in this segment was WebWorks’ 2.5-lakh sq ft facility in Hyderabad in 2019.

“We are excited to have facilitated the biggest deal to date for a flexible office space in India. Flex space stock has grown in Pune city by over four times from 0.7 MSF in 2017 to 3 MSF in 2021 and has always presented a huge growth opportunity. Going forward, we expect flex space market in Pune to reach around 5 MSF by 2022, driven by increased demand from large enterprises,” JLL India MD Pune (logistics and industrial) Sanjay Bajaj said.

Smartworks has a footprint of more than 4 MSF and 31 centres across Delhi, Noida, Gurugram, Mumbai, Pune, Hyderabad, Bengaluru, Chennai and Kolkata.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RBI allows banks to sell fraud loans to asset reconstruction companies
2Commercial banks account for over 93% of premium payments to DICGC in FY21
3Mispricing of risks cause for concern: SBI chairman Dinesh Kumar Khara