Google has entered into a three-year lease agreement with Smartworks, a co-working space provider, for over 100,000 square feet of office space in Pune. The office is situated in a commercial tower near Hard Rock Café in the Mundwa neighborhood of Pune.
Google Cloud India Pvt Ltd has recently acquired two units from Smartworks Co-working Spaces Pvt Ltd, encompassing an area of 67,996 square feet and 42,525 square feet, respectively.
Google Enters Three Year Lease With Smartworks For New Office
According to the sub-lease deed provided by real estate data provider CRE Matrix, the monthly rent for the units on the 11th floor amounts to Rs 1.60 crore, while the unit on the 12th floor is rented for Rs 91.82 lakh.
As per the documents, Google has deposited Rs 4.82 crore as security for the 11th floor units and Rs 2.75 crore for the 12th floor unit. Additionally, the company holds the option to extend the lease for an additional two years, as indicated in the documents.
According to the documents, the lease agreement allows the company to extend the lease for an additional two years. The lease documents were officially registered on April 12, 2023.
The monthly rent for the chargeable area of 93,742 square feet amounts to Rs 247.68 per square foot. Additionally, for the additional space of 16,779 square feet, the monthly rent is set at Rs 121.39 per square foot. The agreement includes a provision for a 5 percent rent escalation at the end of each year.
Google’s Lease Agreements in Bengaluru
In February, Google entered into six separate lease agreements in Bengaluru, totaling over 2.9 million square feet of space. The monthly rents for these deals ranged from Rs 58 per square foot to Rs 230 per square foot.
The registration documents, dated February 2023, revealed that five of these transactions were signed between Google India Private Limited and Google Connect Services India on one side, and Bagmane Developers on the other. The remaining deal was made with managed workplace provider Table Space.
Additionally, documents accessed by CRE Matrix showed that Raiden Infotech India Pvt Ltd, a Google subsidiary, rented 381,000 square feet of data center space in Navi Mumbai from Amanthin Info Parks Pvt Ltd for a period of 28 years. The starting monthly rent for this space was Rs 8.83 crore.
Furthermore, Google leased space in the Adani Data Centre located in Sector 62, Noida. The initial monthly rent for an area of 464,000 square feet was set at Rs 235 per square foot, with an annual rent of Rs 130.89 crore. According to the sub-lease agreement, there will be a 1 percent escalation at the end of each 12-month period.
