Nykaa E-Retail leases over 55,000 sq ft office space in Mumbai’s Lower Parel

September 17, 2022
Nykaa E-Retail leases over 55,000 sq ft office space in Mumbai's Lower Parel

Nykaa E-Retail, a multi-brand cosmetics and fashion e-commerce platform, has leased over 55,000 sq ft of office space at Marathon Futurex in Mumbai’s Lower Parel. The property also houses the local headquarters of L’Oreal and Zee’s corporate office.

The company, listed on stock exchanges as FSN E-Commerce Ventures, will be paying rentals of Rs 69 lakh per month, taking its total payout to Rs 41.40 crore excluding the rental escalation.

The agreement includes a clause to escalate lease rentals by 15% after the first 36 months.

The lease has set a three-year lock-in period for Nykaa, while the developer Marathon Realty is not allowed to terminate the agreement before the end of the tenure, showed the documents accessed through CRE Matrix.

The lease tenure commences from August 2022 and ends in July 2027.

The commercial tower also houses the French cosmetics multinational L’Oreal’s corporate office.

Nykaa has paid a security deposit worth Rs 1.72 crore for the office space on the second, third and 27th floors of the tower’s A wing.

As part of the deal, the company will also get exclusive access to 24 car parking slots in the complex.

ET’s mailed query to Nykaa E-Retail remained unanswered. Marathon’s Managing Director Mayur Shah declined to comment for the story.

FSN E-Commerce Ventures, Nykaa’s parent entity, is India’s first woman-led unicorn to hit the stock exchanges.

Founded in 2012 by entrepreneur and veteran banker Falguni Nayar, Nykaa has emerged as one of India’s largest cosmetics and lifestyle brands.

Last November, the online marketplace for beauty and wellness products, raised over $700 million at a valuation of $13 billion.

Marathon Futurex is also the address of Tata Group’s consulting firm Tata Strategic Management, HDFC, and Consulate General of Israel, Thomas Cook and Diageo. In one of the largest front-office transactions, Essel Group had acquired 220,000 sq ft of commercial space spread across seven floors in the same office complex for Rs 400 crore.

Marathon Realty is developing this 1.4-million-sq-ft office building in three phases, of which the first two phases are spread across 800,000 sq ft, up to the 24th floor.

The third phase, which will take the tower up to 38th floor, will make it one of the tallest commercial projects in the country. The project has already received occupation certificates up to the 31st floor.

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