WeWork plans to open 10 centres by year-end

WeWork, the largest co-working space provider in the world, plans to have a million square feet (sqft) in Mumbai, Bengaluru and the National Capital Region by the end of the year.

Confirming the plan, Karan Virvani, director, WeWork-India said the New York-based company, which has a joint venture in India with Jitu Virvani’s Embassy Group, is looking to seal deals for office space. The company provides a technology-enabled platform, along with collaborative and community office spaces and services for budding entrepreneurs, small businesses, freelancers and established companies.

Karan Virwani, 25, the scion of the Embassy Group, heads WeWork India, along with Juggy Marwaha, the former managing director Jones Lang LaSalle, south India, and Nikhil Arora from the WeWork global team. “By the end of this year, WeWork aims to add 15,000 members to its international community only from India,” said Virwani. The first flagship WeWork building will be launched this year. Embassy Galaxy on Residency Road will have office space of 140,000 square feet, and accommodate about 1,800 members.

The second would be in the Enam building, with 190,000 square feet. It is a marquee property owned by Enam Securities in the Bandra-Kurla Complex (BKC). “WeWork India has confirmed the intent to launch both offices by the middle of this year and in the National Capital Region by the year-end,” Virwani said.

WeWork would pay an initial rent of Rs 4.26 crore per month, that is Rs 346 per sqft on the carpet area, and nearly Rs 226 per sqft per month on the leasable area at Enam for 10 years, according to data collated by CRE Matrix, a data analytics firm.

graph