Godrej Fund Management has leased ~ 2 lakh sq. ft. office space to A.P. Moller – Maersk’s business units in Mumbai. The space is located in Godrej Two, Vikhroli.
By Varun Singh
Godrej Fund Management (“GFM”), the real estate private equity arm of the Godrej Group, has leased ~ 2 lakh sq. ft. office space at Godrej Two, a commercial office located in Vikhroli, Mumbai to A.P. Moller – Maersk’s business units in Mumbai.
According to the registration documents the deal was registered on July 9. The documents accessed by SquareFeatIndia reveals the lease amount as Rs 13.09 crore.
The lease is for a period of five years and with it Maersk has also got 250 car parks in the building. The lease begins on June 1, 2020, and ends on May 2025.
The carpet area of the leased property stands at 87,992 sq. ft. The leased property is located on the fourth and fifth floor of the building.
The lease deed has been signed between GPRO Services India along with its affiliated entities, and Godrej Green Homes Put Ltd.
Godrej Two is first of the development assets under GFM’s GBTC I program and is jointly owned along with Godrej Properties. It is a Grade ‘A+’ office development and a part of the larger mixed use development The Trees.
The larger development is already home to the global headquarters of the Godrej Group and other marquee companies.
A.P. Moller – Maersk, the USD 39 bn, Denmark headquartered integrated container logistics company, brings its seven business units from four different locations under one roof.
Maersk will initially occupy ~140,000 sq. ft. with an option to take additional space, post which the total space occupied would be ~200,000 sq ft.
An estimated 1,100 employees will be coming together to work at the new office once this is ready towards the end of 2020.
JLL was the exclusive transaction advisor and has also been appointed as the project manager to complete fit-outs for this office space.
Karan Bolaria, Managing Director & CEO, Godrej Fund Management, said, “We are pleased to welcome A. P. Moller Maersk as our first partners in Godrej Two and look forward to further strengthening this partnership across our office portfolio. We are confident that our product is future ready and caters to the ever changing needs of multinational corporations operating in India.”
Steve Felder, Managing Director, Maersk South Asia said, “We are now excited to bring most of these business units under one roof which will allow us to collaborate better and continue building constructively on our commitment towards India.”
Manish Bhasin, Managing Director Maersk Procurement said, “With our shift to Godrej Two, we are moving our office space closer to our employees and at the same time, offering them the premium and modern office space to work out of.”
Earlier this week Morgan Stanley concluded negotiations and reached a deal to lease up to 1.1 million square feet office space for 9.5 years from Oberoi Realty in Goregaon.
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