Smartworks leases 6 lakh sq ft office space in Pune for Rs 4.48 cr per month

Managed office space operator Smartworks has leased 6.13 lakh sq ft space at the 43 EQ office building in Pune's western Balewadi suburb for a starting rent of Rs 4.48 crore per month, with the leased space comprising the 4th to 18th floors of the building, according to documents accessed by the real estate data analytics firm CRE Matrix. The starting rent of Rs 73 per sq ft per month has a 4.77 percent escalation built in every annum.

The agreement was registered in April, and the license period started from July 1. For the five year license period, Smartworks paid a security deposit of Rs 13.21 crore, the documents showed. The license fee payments commence from May 1, 2025.

Smartworks had announced the leasing in May, but did not provide financial specifics such as the rent or the security deposit. With the addition of the 43 EQ space, the flex space operator's portfolio in Pune reached more than 3 million sq ft. Smartworks has a total managed portfolio of 8 million sq ft, across Pune, the National Capital Region, Mumbai, Bengaluru, Kolkata, Chennai, Ahmedabad, and other cities in India.

The Balewadi property leased by Smartworks, 43 EQ, is located near other properties that have been leased by the flex space operator, with other managed office space operators also making a play for the area with large leases over the past two to three years.