Bhive leases 77k sq ft Grade A office in Indiranagar at Rs 8.5 cr annually

Bengaluru-based co-working provider Bhive Workspace has expanded its footprint by leasing 77,000 square feet of premium Grade-A office space from developer Address Maker at CMH Road, Indiranagar, as part of its ongoing growth strategy, the company announced in a statement. Bhive's partnership with Address Maker strengthens its presence in Bengaluru's central business district.

The cutting-edge B+G+3 building is poised to offer high-end office amenities and is strategically positioned for connectivity. This managed office space will accommodate over 1,500 seats and offer a full range of amenities, including boardrooms, private phone booths, recreational areas, designer studios, and dedicated stack parking.

Shesh Rao Paplikar, founder and CEO, Bhive Workspace, said, “Acquiring this property is a significant step in strengthening our leadership position in Bengaluru’s central business district, one of the city’s most prominent areas. I am glad to expand our presence, especially with a property that is just a stone’s throw from the metro station.”

Furthermore, Bhive has expanded its market presence to Mumbai by leasing a 62,000-square-foot workspace in Adani Inspire, located in the Bandra-Kurla Complex (BKC). For FY24, Bhive reported a notable revenue increase to Rs 186 crore, fuelled by the growing demand for managed workspaces. The company's profit after tax (PAT) tripled compared to the previous financial year, and Bhive is forecasting a remarkable revenue target of Rs 348 crore for FY25.