WeWork’s arm picks up entire commercial building with 1 lakh sqft carpet area

New York-headquartered collaborative workspace major We-Work’s India arm has picked up an entire commercial building in Mumbai's Andheri locality on long-term lease, said three persons with direct knowledge of the development. The lease would run for nine years with a clause to reset rentals every three years. “The deal has already been concluded and the fit-out work is expected to start over the next couple of weeks,” said one of the persons mentioned above. The building, Vijay Diamond, with over one lakh sqft carpet area in Andheri’s MIDC locality is spread over two-third of an acre and has a parking facility for around 200 parked cars. WeWork India, started in July 2017, has been buying properties aggressively in a bid to expand its presence through a number of facilities. Currently, it has total 21 operational locations spread over three million sqft with over 20,000 members.