Google has leased more than 100,000 sq ft of office space from co-working space provider Smartworks in Pune for three years.
The office is located in the commercial tower near Hard Rock Café in Pune’s Mundwa neighbourhood.
Google Cloud India Pvt Ltd has taken up 67,996 sq ft and 42,525 sq ft from Smartworks Co-working Spaces Pvt Ltd. The starting monthly rent for two units located on the 11th floor is Rs 1.60 crore and for one located on the 12th floor is Rs 91.82 lakh, the sub-lease deed shared by real estate data provider CRE Matrix showed.
The company has paid a security deposit of Rs 4.82 crore for the 11th floor units and Rs 2.75 crore for the 12th floor unit, the documents showed.
The company also has the option to extend the lease for two years, the documents showed.
The lease documents were registered on April 12, 2023.
The rent per month is Rs 247.68 per sq ft of the chargeable area i.e 93,742 sq ft and for the additional space of 16,779 sq ft the rent is Rs 121.39 per sq ft. The agreement comes with a 5 percent rent escalation clause at the end of every year, the documents showed.
The document also mentions that the lessor cannot sell or lease the premises in the building while Google has occupied the premises to its competitors such as Microsoft, eBay, Apple and a host of other companies.
Emails have been sent by Moneycontrol to both Google and Smartworks.
In February, Google had leased over 2.9 million sq ft of space in Bengaluru through six separate deals at a monthly rent in the range of Rs 58 per sq ft to Rs 230 per sq ft.
Of the six transactions, five have been signed between Google India Private Limited and Google Connect Services India on the one hand and Bagmane Developers on the other, and one with managed workplace provider Table Space, revealed the registration documents dated February 2023.
Earlier, Raiden Infotech India Pvt Ltd, a Google company, had taken on rent 381,000 sq ft of data centre space for 28 years in the Maharastra Industrial Development Corporation’s industrial estate in Navi Mumbai from Amanthin Info Parks Pvt Ltd at a starting monthly rent of Rs 8.83 crore, showed documents accessed by CRE Matrix.
It had also leased space in Adani Data Centre located in Sector 62, Noida. The starting monthly rent is Rs 235 per sq ft for an area of 464,000h sq ft. The annual rent is Rs 130.89 crore. There will be an escalation of 1 percent at the end of every 12 months, according to the sub-lease agreement, the document showed.
Net absorption of co-working spaces across the top seven cities touched 8.2 million square feet (msf) in Q1 of the calendar year of 2023.
Overall, the top seven cities saw 90 percent growth in net co-working space absorption in this period –- from 1.3 msf in Q1 of 2019 to 2.18 msf in Q1 of 2023.
Bengaluru and the National Capital Region accounted for 66 percent of net co-working absorption in Q1 of 2023, with about 1.43 msf.
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