Paris-based outsourcing firm leases space at Blackstone-owned building in Gurugram

January 12, 2023

Paris-based technology consultancy and outsourcing firm Webhelp’s Indian subsidiary has taken on lease office space in Gurugram in a building owned by Blackstone at a starting monthly rent of ₹61.7 lakh, a significant premium to lease rentals in the vicinity.

Talking about the deal, Abhishek Gupta, Chief Executive Officer and Co-founder of data analytics firm CRE Matrix said that the monthly rental rate, close to ₹100 per sq ft, was done at a 10-12% premium to the rate in that micro-market area.

He said that this was indicative of the high demand for green buildings and the stress placed on Environmental, Social and Governmental norms. The landlord, One Qube Realtors Pvt Ltd, is wholly owned by entities belonging to US-based private equity firm Blackstone, one of the largest prime office space owners in India. It had acquired the building from Indiabulls Real Estate in 2019 in phases.

Lease agreement

According to registration documents made available to businessline by CRE Matrix, the lease is for a period of 60 months and has a lock-in period of 36 months for the tenant, who cannot terminate the lease in that period. The rent-free period is 14 months and 12 days. This period is usually used by the tenant for fit-out purposes.

The rent escalates 15% after the initial lock-in period. There is an option for renewal for another 48 months after the lease expires, and there is no rent-free period during the renewal period.

The office at Udyog Vihar in Gurugram is located on the 4th floor with a total chargeable area of 63,607 sq ft, which also includes the common area. This translates into a rental rate of ₹97 per square ft per month.

The office premises come with 63 dedicated car parking space, included in the rental. For any additional parking, the occupier will have to pay ₹6,000 per car per month.

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