The deal valued at around Rs 125 crore is the first large transaction in Pune during the lockdown.
Global alternative legal service provider (ALSP) DWF Mindcrest has taken up 2.8 lakh sq ft of office space at Gera Commerzone at Kharadi in Pune for a tenure of 10 years. The deal valued at around Rs 125 crore is the first large transaction in Pune during the lockdown.
JLL was the exclusive partner for the transaction.
The company will occupy 1.12 lakh sq ft office space on the 7th and 8th floors of the 7,00,000-sq ft building in Phase 1 by January 2021 and has an option of taking up an additional 168,000 sq ft of space for expansion. The total transaction size is 280,000 sq ft, JLL said.
DWF Mindcrest is an ALSP with offices across the world offering innovative and integrated legal solutions to its global clients. This will be the company's first office in India and the largest Asia-Pacific office.
“Kharadi has evolved over the years as a great location owing to its excellent social infrastructure, complimented by the presence of well-known schools, hospitals, residential catchments, along with excellent connectivity, and proximity to the airport. The location also boasts of an excellent tenant profile with the presence of large MNCs from BFSI, and IT/ ITeS sectors amongst others,” said Sanjay Bajaj, managing director- Pune, JLL.
“Propelled by the main growth drivers of the likes of GIC, captives and shared services contributing to its growth, it is projected that office supply here will touch 10 million sq. ft. in the next 3-4 years. These are the key reasons why DWF Mindcrest chose Kharadi as a destination, since this new address has what it takes to attract employees within one of the city’s most dynamic employment submarkets,” he said.
The entire transaction took place during the lockdown with an exhaustive evaluation done for 24 parks whilst activities like site inspections, site due diligence, detailed workshops, design finalisation, negotiations, all happened virtually.
“Technology has been playing a significant role in redefining the parameters of developing, buying and selling processes in the real estate sector. It has transformed the way buyers and sales representatives interact with each other,” Bajaj added.
“Kharadi’s unique ecosystem gives us access to world-class infrastructure as well as skilled manpower. We chose Gera Commerzone over other parks because of the exclusivity of the location and the facilities, as well as the well-known neighbours and the neighborhood that we will be proud to be part of,” said Shravan Mehta, VP finance, DWF Mindcrest.