Byju’s leases office space In Mumbai’s Andheri at Rs 1.67 crore annual rent

Educational technology company Think & Learn that operates as Byju’s has picked up a 9,500-sq-ft office at a commercial project Satellite Gazebo in Mumbai’s Andheri suburb on a five-year lease. The company will be paying an annual rental of Rs 1.67 crore for this office space. The lease agreement includes an escalation clause to revise the rental 5% upward every year, showed the documents accessed by ET. The rentals include car parking charges, common area maintenance charges and property tax. Byju’s will get access to a total six car parking spaces in the office building as part of this lease agreement. Property consultant JLL India facilitated the transaction. The deal involves a lock-in period of first 33 months. The company has paid a security deposit of Rs 79.80 lakhs. The lease was registered last week on October 13. Earlier this year, Byju’s leased 4 lakh sq ft office space in Bangalore from Prestige Group in its project on Outer Ring Road.