Mondelez India Foods renews lease of 66,755 sq ft office space in Mumbai for three years for Rs 1 crore a month

The lease for these units has been renewed from January 24, 2023 to January 23, 2026, the documents showed.(Representative image)

Mondelez India Foods Pvt Ltd, formerly known as Cadbury India Ltd, has renewed its lease for 66,755 sq ft of office space at One International Centre in Mumbai at a rent of over Rs 1 crore per month for three years, documents accessed by Propstack showed.

The leave and licence agreement was signed on January 30, 2023. Modelez India Foods has taken five office units located on the 18th, 19th, 20th and 22nd floors. There are two units on the 19th floor, the documents showed.

The lease for these units has been renewed from January 24, 2023, to January 23, 2026, the documents showed.

Mondelez had earlier taken the office premises in the building on lease in 2013 for nine years when it had shifted from its headquarters from Cadbury House located on Peddar Road. At that time the rent was Rs 125 per sq ft per month. The current rental is around Rs 170 per sq ft a month.

One International Centre Pvt Ltd, formerly known as Indiabulls Real Estate Company Private Limited, developed the centre which consists of Tower 1 - ground plus 18 floors, Tower 2 - ground plus 27 floors, Tower 3 - ground plus 32 floors and Tower 4 - ground plus 36 floors. The buildings have been developed as an information and technology park in accordance with provisions of IT and ITeS policy 2003, the documents showed.

The total chargeable area is 66,755.63 sq ft including the terrace and balcony. The units come with 50 car parking spaces that are free of cost and an additional 50 car spaces on payment of charges. The total rent for these five offices located in Lower Parel adds up to around Rs 36 crore. The additional car parking and common area maintenance add up to Rs 14.4 lakh per month.

There was no response from Mondelez India Foods or One International Centre.

One International Centre was taken over by the Blackstone Group almost three years ago from Indiabulls Real Estate which had constructed the building. It is now part of the US-based private equity firm’s office portfolio under the brand Nucleus Office Parks.

Media reports said that a few days ago, Aditya Birla Group company Hindalco Industries had picked up an entire floor spread over 50,000 sq ft in the same complex for a period of five years for a rent of almost Rs 54 crore for five years.