CitiCorp Services India renews lease of 1.6 lakh sq ft of office space in Mumbai

Representative image (Source: ShutterStock)

The CitiCorp Services India has renewed its lease of over 1.6 lakh sq ft spread over six floors at Nirlon Knowledge Park for a monthly rent starting at Rs 2.28 crore in Mumbai for five years, documents accessed by CRE Matrix, a real estate data analytics firm show.

The total chargeable area is 1.60 lakh sq ft and the carpet area is 1.28 lakh sq ft, it showed.

Floor numbers 4, 5, 6, 7, 8, and 15 in Nirlon Knowledge Park, Goregaon East have been leased to CitiCorp Services India, the analytics firm show.

The lease tenure is from September 15, 2022, to September 14, 2027. The lock-in period is from September 15, 2022, to September 14, 2024. A security deposit of Rs 13.86 crore has been paid.

The documents were registered on August 5, 2022. The property comes with 160 car parking, the documents showed.

There was no response from CitiCorp Services India or Nirlon Ltd at the time of publishing. This story will be updated once they respond.

“This renewal lease by a multinational bank reaffirms the preference of Grade A quality buildings by large MNCs. Morgan Stanley leased a large space in Oberoi Commerz III, Deutsche Bank, Barclays, JP Morgan, and BNP Paribas are existing tenants in Nirlon making it a financial institution hub in Mumbai after BKC.

"With the completion of the metro line on the western express highway, we foresee a significant rise in commercial office development in Mumbai suburbs along the expressway,” said Abhishek Kiran Gupta, CEO, CRE Matrix.

Nirlon Knowledge Park has a site area of 23 acres and is located on Mumbai’s Western Express Highway in Goregaon. It houses some of the top global and Indian corporates with approximately 1.8 million square ft of IT/ITES office space already licensed. NKP is Indian textile company Nirlon’s real estate venture.