You are here: Home » Companies » News
Business Standard

WeWork takes 660,000 sq ft office space on lease in Noida to expand biz

We have given an entire office tower comprising 660,000 square feet, on 15 years lease to WeWork India, says Bhutani group CEO Ashish Bhutani

Topics
WeWork India | office space

Press Trust of India  |  New Delhi 

Photo: Reuters
Photo: Reuters

Coworking major has taken 660,000 square feet on lease in realty firm Bhutani group's commercial project in Noida as part of its expansion plan to meet rising demand of flexible workspace.

"We have given an entire office tower comprising 660,000 square feet, on 15 years lease to WeWork India," Bhutani group CEO Ashish Bhutani told PTI.

The office tower is part of 3 million square feet Bhutani Alphathum project.

Bhutani group owns about 40 per cent of this 660,000 square feet space while the remaining areas have been sold to individual investors, he added.

"We have the leasing right for this entire tower on behalf of our investors," Bhutani said.

According to him, the two partners will share revenue in the first two years of operations.

"From the third year onwards monthly rentals will be Rs 55 per square feet," Bhutani said.

It is one of the largest commercial real estate transactions facilitated by real estate advisory firm Colliers India. Set to open in Q4 2022, WeWork Alphathum will house over 8,500 desks.

"We welcome WeWork at Bhutani Alphathum and are committed in providing them with the highest quality of services," Bhutani said.

The company has expand its network in Noida through Bhutani Alphathum, Arnav S. Gusain, Head of Real Estate, Product and Procurement at said.

Bhupindra Singh, Managing Director, North India at Colliers, said, "WeWork caters to a diverse mix of clients providing them with flexible workspace solutions. Now expanding their footprint in Bhutani group's Alphathum, WeWork will establish a strong presence along Noida Greater Noida Expressway.

Recently, Chief Executive Officer (CEO) Karan Virwani highlighted that the company has become profitable for the first time during January-March 2022 period, with a profit of Rs 25 crore at EBITDA (earnings before interest, taxes, depreciation, and amortization) level.

"Our revenue was Rs 250 crore during the first quarter of this calendar year. We expect Rs 1,000 crore revenue in 2022 calendar year," he said.

At present, WeWork India has a portfolio of 5 million square feet.

It currently has a presence in six major cities, including Delhi-NCR, Mumbai and Bengaluru.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, May 11 2022. 16:02 IST
RECOMMENDED FOR YOU
.