56% of the total 1.2mnsqft space leased
JLL India, the country’s largest real estate consultancy and professional services firm, has facilitated marquee lease deals of 0.63 mnsqft at the Platinum rated LEED certified building, Nesco Tower 4 in Goregaon East, Mumbai with HERE Technologies, the leading location intelligence and open location platform company, IndiaFirst Life Insurance, a joint venture between Bank of Baroda, Andhra Bank and Carmel Point Investments India Private Limited and a large global co-working services provider along with other marquee names, the Company announced this in a release today.
• Transactions represent growing appetite of occupiers, especially, co-working operators, services sector companies, and global technology and BFSI companies
• Region likely to witness strong leasing in coming quarters too
Acting as an exclusive landlord representative, JLL team not only helped the client in preparing and executing a marketing and leasing strategy, it helped in identification of potential tenants and assisted in the entire process in a seamless, hassle-free manner. Acting in the best interest of both sides of these transactions, JLL’s landlord and tenant representation teams have in a way helped in maximizing the workspace efficiency and productivity during the process.
With its huge client base and network across the real estate sector, JLL’s markets team was able to facilitate the transactions swiftly.
“JLL’s landlord representation team facilitated the NescoTower 4 management in getting the right mixof tenants. Being a leader in commercial office space leasing, our cross-functional team was able to align all parties involved toward a common goal of efficient use of available office space. The deal proves that JLL team is well equipped to represent institutional investors, property developers and public sector companies and offer them strategic and proactive leasing solution for their assets,” said Ramesh Nair, CEO & Country Head, JLL India.
“The transaction establishes the fact that JLL has deep insights on micro-markets and understanding of key real estate markets,” added Nair.
A state-of-the-art complex for leading enterprises, Nesco Tower 4 is a multi-purpose property with approximately 1.74 mnsqft of total development size. With three wings, office floors starting from the fourth floor till 16th floor, and having received its full Occupation Certificate (OC), the building reinvents standards of intelligent design and modern office space. It stringently adheres to premium standards of sustainability and energy use. The ergonomic sensibilities of Nesco Realty helps Tower 4 stand apart as a workspace that is big on hospitality and employee comfort.
“There is huge demand for quality, Grade A office spaces and our Company plays a successful role to fill this gap. With a no-compromise approach, we ensure thatour new developments are way above par and our existing developments are upgraded on a perpetual basis to retain a fresh feel at all times. We are glad that theJLL teamworked closely with us and actively concludedthese transactionsefficiently, in a reasonably short time span,” said Krishna Patel, Managing Director, Nesco Limited.
An integrated campus of total planned development on 60 acres of land, the building enjoys excellent connectivity via road, railway and metro. It houses the world’s leading multinationals such as HSBC, large consulting firms, BlackRock, MSCI, Endurance, Integreon and Aegon Life Insurance and the iconic Bombay Exhibition Centre, India’s largest private exhibition centre. Some of the key amenities inside the campus are common cafeteria/multi-cuisine food court with 13 Quick Service Outlets, outdoor seating, coffeeshop and fine dining restaurantsalong with other social amenities such as a fitness centre and a children’s day care centre. It also has a five-star conference facility.
The transactionsalso conform to the overall national trend. Steady economic growth, favourable policy environment, growing preference of global occupiers for Indian offices and listing of first Real Estate Investment Trust (REIT) in the country have put the India office market on a growth path. According to the India Office Market update for the third quarter (January to September 2019) by JLL India, the net absorption has already touched the mark of 33 mnsq ft. This was a 40% jump during the same period as compared to the corresponding period in the previous year. To put things into perspective, 2017 and 2018 witnessed net absorption of 28.7 mnsqft and 33.2 mnsqft, respectively, in the entire year. With the current pace, the net absorption is likely to surpass the historical benchmarks well beyond 40 mnsqft by the end of 2019.
According to the update, strong expansion by IT/ITeS (48% of overall leasing) and BFSI (11% of overall leasing) occupiers has led to this growth.
Co-working operators have put in sustained efforts in expanding their footprint. While the pace of leasing in co-working segment remained muted during Q3 2019, space taken up by operators increased to 13% of the overall leasing during January to September 2019 as compared to 10% seen during the corresponding period the last year, the update added.