WeWork India leases 2.3 lakh sq ft office space in Mumbai

New York-headquartered collaborative workspace major WeWork’s India arm has picked up nearly 2.3 lakh sq ft office space at Nesco IT Park in Goregaon suburb of Mumbai on a long-term lease, several persons with direct knowledge of the development, said. The company has leased eight floors and the total tenure of the deal is 10 years. WeWork India will be paying Rs 144 per sq ft a month taking the total annual payout above Rs 39.2 crore. “The deal has been concluded and the lease tenure has already started with effect from beginning of September. The company has leased the space between fourth and 11th floors in Nesco tower IV,” said one of the persons mentioned above. The lease agreement includes an escalation clause that ensures rentals will move up every three years. WeWork’s CEO Adam Neumann resigned recently following an upheaval over the company’s complex corporate structure, valuation and increasing losses even as the global co-working major was planning its initial public offer.