Viacom18 Media, the digital media and entertainment arm of Reliance Industries, has taken up 4.1 lakh square feet of space in Mumbai on lease for five years at a starting monthly rent of around ₹7 crore, registration documents showed.
The media company has taken up nine floors in ‘One International Centre’ in Prabhadevi. The property is part of US asset manager Blackstone’s office assets housed under Nucleus Office Parks.
The starting effective monthly rent is ₹170 per square foot and this escalates by 4.5 per cent annually from the second year onwards, according to the agreement made available by Floortap.com, a marketplace for commercial properties. In the final year, the rent will be nearly ₹8 crore, and over the term of the lease, it will pay out over ₹357 crore.
It has paid out a security deposit of around ₹41.8 crore for the lease. The entire tenure of the lease is locked in both for the landlord and the tenant.
The company will get 380 car parking spots and 25 two-wheeler parking spots at no additional cost, five dedicated passenger elevators, and space in the food court in the building with a seating capacity of 180 people.
Viacom18 Media comprises television broadcasting, JioCinema, Viacom18 Studios, and a licensing and merchandising business under Viacom18 Consumer Products.
It has BCCI’s TV and digital media rights for the next five years. Viacom18 Studios plans to produce more films and is aiming for revenue of ₹1,000 crore from various projects.
The license commences from December 25, 2023, and the rent commences from December 25, 2024.