WeWork India renews lease on 1.4 lakh sq ft space in Goregaon East, Mumbai

WeWork is paying a rent of Rs 27 crore in the first year of the renewed lease.

Managed space operator WeWork India has renewed its lease on 1,40,000 sq ft of space from listed developer Nesco at its Goregaon East office complex for a five year-period, according to documents accessed by real estate data firm Propstack. The renewal of the lease is effective August 1.

WeWork India, which is majority-owned by the Bengaluru-based real estate developer Embassy Group, is paying a rent of Rs 162 per sq ft per month, amounting to a rent of Rs 27 crore per year. Two escalations of 12 percent each has been built into the lease agreement in August 2025 and August 2028, respectively.

Nesco's Goregaon East office complex, known as Nesco IT Park, is home to a wide range of tenants, including professional services networks, technology firms, and others, and is also home to a large exhibition facility.

Despite its name, WeWork India functions independently of the American co-working space provider WeWork Inc, which was facing bankruptcy proceedings in the United States after years of financial troubles, until its takeover by property management software firm Yardi Systems in May. WeWork Inc, through its global arm, held a 27 percent stake in WeWork India; it had received permission in June from the Competition Commission of India to exit WeWork India and sell its stake to the Embassy Group.

WeWork India has around 8 million sq ft of office spaces under management across cities like Mumbai, Chennai, Bengaluru, National Capital Region, and others. The renewal at Nesco comes a day after WeWork India announced the acquisition of a total of 1,40,000 sq ft of space in Bengaluru and Noida. The company has laid out plans to further expand in managed office spaces and co-working spaces, in the face of serious competition from players such as Awfis, Smartworks, Synq.work, and others.

Embassy also plans to take WeWork India public over the next two years, according to news reports, and also sell part of its stake to other investors. It plans to retain the WeWork brand by paying a 2% "franchise fee" to WeWork Inc, according to a report by The Economic Times.