Tata Group companies have acquired around 1,50,000 square feet of office space in the recently completed Lodha Excelus building located at New Cuffe Parade. The group has acquired five floors, of which one has been taken on lease and purchased four floors. The transaction is valued at Rs 300 crore, it said.
Lodha Excelus at New Cuffe Parade is a mixed-use development, spread over 23 acres and includes 10 residential and three commercial towers. Lodha Group has 2.5-3 million sq ft office space planned across three towers, including the first completed tower.
“The transaction has been inked at around Rs 60 crore per floor, implying a deal value of Rs 300 crore and values the building around Rs 1,800 crore. We have just completed the first office building at this project with over 800,000 sq ft of leaseable area and we are starting work on the second office building of about 11,00,000 sq ft soon,” Shaishav Dharia, Regional CEO, Lodha Group, said.