Bengaluru-based co-working operator, Bhive Workspace, has secured a significant lease in Adani Inspire, located in Mumbai’s Bandra Kurla Complex (BKC), spanning over 62,000 square feet of space. The lease agreement, locked in for five years, entails a starting monthly rent of ₹1.39 crore, with a 15% escalation after three years.
Tusker Workspace Pvt Ltd, the entity behind Bhive, has entered into two lease agreements for seven units within the building. These agreements encompass three units totaling 34,183 square feet and four units covering 28,000 square feet, with monthly rents exceeding ₹70 lakh and ₹57 lakh, respectively.
Bhive intends to utilize the leased premises to establish co-working and managed spaces, featuring amenities such as data and server rooms, along with cafeteria facilities. While the license commencement date is slated for March 2, the lessee will benefit from an eight-month rent-free period for fit-out works.
Adani Inspire, developed by Sunbourne Developers, offers offices ranging from 1,200 square feet to 10,000 square feet, with an average quoted rent of ₹250 per square foot per month. The building spans 10 floors across 12 acres and represents a significant addition to Mumbai’s commercial real estate landscape.
Originally developed under a slum rehabilitation scheme by HDIL, Adani Realty acquired the property from HDIL when the latter failed to fulfill its redevelopment commitments. The leasing activity by Bhive Workspace underscores the robust demand for flexible office spaces in prime locations like BKC.