15 Mar,16

IDBI buys Rs 111-cr Office Space in Lower Parel

Source: Time Of India

IDBI Federal Life Insurance Company Limited has bought commercial space worth over Rs 111 crore at Marathon Futurex in Lower Parel in Mumbai.

The company has acquired around 61,720 sq ft office space spread over two floors at the IGBC's Gold-rated Green Building. The deal was registered last week after completion of all formalities.

The 450 employees of IDBI Federal Life Insurance will occupy the offices on 22nd and 23rd floors of the tower. The deal works out at around Rs 18,000 per sq ft and falls within the ongoing property rates for outright transactions. Rates in Lower Parel are in the range of Rs 18,000-20,000 per sq ft based on the profile and facilities offered in commercial complexes here.

Marathon Realty is developing this eight lakh sq ft office building, in three phases, of which two phases of 24 floors each have already been completed.

In 2014, in one of the largest front-office transactions, Essel Group acquired 2.20 lakh sq ft commercial space in Marathon Futurex complex for over Rs 400 crore. The office is spread over top seven floors of Marathon Realty's tower II. Last year, travel major Thomas Cook India bought commercial space worth over 130 crore in the same complex when it acquired 72,000 sq ft. Oil marketing major HPCL too recently bought commercial space here worth Rs 100 crore.

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