Fleet Management has taken 52,391 sqft built-up area in L&T Seawoods Grand Central, Navi Mumbai in first week of August 2017. Fleet Management will be paying Rs95 per sqft per month at an annual pay-out of Rs 6 crore to the landlord, L&T Seawoods for 5 year lease term. The lock-in period for tenant is 3 years while the landlord is locked in for the entire 5 year lease term. Additionally, tenant has to pay 8 months security deposit with additional tranche of security deposit at time of rental escalation after 36 months to match the prevailing rental. Tenant will be facing escalation of 15% after 36 months. Tenant gets 34 parking lots which would be approx. 1 car park per 1500 sqft.
Watson Pharma leases 1.05 lakhs sqft in L & T Seawoods Grand Central, Navi Mumbai at a Record rent of Rs 95 per sqft per month. Fleet Management also leased 52,391 sqft in the same building at 95 Rs per sqft per Month in Aug 2017
Watson Pharma has leased 1,05,397 sqft built-up area in L & T Seawoods Grand Central, Tower 2, Navi Mumbai in first week of September 2017. Watson Pharma will be paying Rs 95 per sqft per month at an annual pay-out of Rs 12 crore to the landlord, L & T Seawoods for 10-year lease term. The tenant has negotiated 6-month rent free period for fit-outs. The lock-in period for tenant is 5 years while the landlord is locked in for the entire lease term. Additionally, tenant has to pay 6 months security deposit with additional tranches of security deposits at time of rental escalations to match the prevailing rental. Tenant will be facing escalation of 18.7% after 36 months. Further, Watson Pharma’s parent Teva is expected to rent an additional space of around 28,000 sqft built-up area in the same tower.
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