Eight Roads Ventures, a global venture capital firm backed by Fidelity, which helps entrepreneurs scale, has leased a sea-facing commercial space in Mumbai for five years at a starting monthly rent of Rs 561 per sq ft, documents accessed by CRE Matrix, a real-estate data analytics firm showed.
The company has leased 6,150 sq ft (total usable area) on the 16th floor of Avighna House, located on Dr Annie Besant Road, Worli, in Mumbai, at a starting monthly rent of Rs 34.50 lakh per month, including common area maintenance (CAM) charges, the documents showed.
The agreement includes an escalation clause for rentals at the rate of 9.5 percent every 24 months, documents showed. CAM charges the firm has to pay are Rs 2.05 lakh per month, documents showed.
The lease and licence document was registered on April 17, 2023. The space has been leased from Sirius Land Holdings LLP, an entity of Avighna Group.
Emails have been sent to Avighna Group and Fidelity Group.
In November last year, Waterfield Advisors, an independent multi-family office and wealth advisory firm, had leased office space spread across more than 6,150 sq ft in the same building at a monthly lease rental of Rs 520 per sq ft for five years.
Eight Roads’s investments in India
In May 2022, Eight Roads launched its first dedicated $250 million healthcare and life sciences fund for India, which is among the largest such funds. The company has backed more than 25 businesses in India, it said.
Eight Roads Ventures’ India active and exited healthcare companies include Cipla Health, OZiva, PharmEasy, and Toothsi.
This year, it announced two new investments - Enzene Biosciences, an innovation-driven biologics company, a subsidiary of Alkem Laboratories, and Enko, a crop health company.
Also read: Eight Roads Ventures appoints former Avendus investment banker as partner
Office leasing in the country
According to a report by JLL, gross office leasing activity across top seven cities in India was recorded at 12.8 million sq ft in Q1 of 2023, down 8.7 percent quarter on quarter. The tech sector's share of leasing activity has hit a six-quarter low at 22.3 percent due to slow hiring and global challenges, while banking, financial services and insurance (BFSI) and consulting firms have seen a quarterly growth in their respective market shares.
An analysis of Q1 (January-March 2023) office leasing trends by JLL Research said on March 30 that Delhi-NCR emerged as the biggest gross leasing activity centre in the first quarter, with Bengaluru following closely. Both regions accounted for a significant share of 31.2 percent and 24.3 percent, respectively. Mumbai and Pune secured the next spots, with 11.7 percent and 11 percent share of the quarterly gross leasing activity, it said.
Earlier this year, SCOR SE, a French reinsurance company, has leased office space at a rent of Rs 40 lakh per month in Mumbai for five years. The company has leased 7,955 sq ft (built-up area) for Rs 40.17 lakh a month in Mumbai’s most expensive commercial building, Maker Maxity, in Bandra-Kurla Complex (BKC).
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