No casualty or injury was reported in the mishap.
The premises in central Mumbai primarily houses offices and eateries and is located opposite to the Kamala Mills Compound, where 14 people were killed in a deadly blaze on December 28 last year.
Four fire fighting engines were immediately pressed into service to douse the flames, he said.
"The fire was controlled and extinguished within an hour and no one was injured in the incident," he said.
The exact cause of the fire and loss of property will be ascertained after a thorough investigation into the incident, the official said.
The Mumbai police also rushed its personnel to help in dousing the flames.
On January 19 this year, a fire had broken out in the dilapidated Navrang studio -- which was shut years ago -- in the Todi Mill Compound, though no one was injured in the mishap.
After the Kamala Mills Compound fire last year, the Brihanmumbai Municipal Corporation and the fire brigade department had taken several measures, including removal of encroachments from the industrial and commercial areas across the city.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)