Flexible space provider WeWork India has taken on lease the entire commercial tower from Noida-based Bhutani Group spread across 6.6 lakh sq ft for at least 18 years, said Ashish Bhutani, Chief Executive Officer, Bhutani Group.
WeWork will take up the entire tower comprising 25 leasable floors at Bhutani Alphathum in Noida as part of its expansion plan. The facility will open in the fourth quarter of 2022, Bhutani said.
The fit-outs will begin next month and the facility will be operational by the end of the year, the CEO added.
As many as four towers are coming up on an area of 25 acres. Phase 1 comprising three towers has been delivered of which one tower has been taken on lease by WeWork, the company said.
WeWork Alphathum will be spread over an area of 660K+ square feet and will house over 8,500 desks over multiple phases driven by demand to offer a spectrum of flexible workspace solutions, the company said.
The transaction was facilitated by Colliers.
The monthly average rent will be tentatively Rs 55 per sq ft.
The partnership brings together WeWork India’s innovative flexible workspace solutions and Bhutani Group’s futuristic business destinations, creating enhanced solutions that cater to the evolving nature of work and workspaces.
Designed as a steel structure, the building consists of three high-rise towers interconnected by a common terrace and is tailor-made to meet the workplace requirements of businesses of all sizes. The building is well connected through various modes of transport including road and metro allowing easy access to professionals from all parts of the city.
“We welcome WeWork at Bhutani Alphathum and are committed to providing them with the highest quality of services. We look forward to a long-term mutually beneficial association which will be significant with respect to vibrant business activities and participation from prospective business communities,” said Ashish Bhutani, Chief Executive Officer, Bhutani Group.
“Through this partnership, we not only look forward to strengthening our presence across the Indian market but also showcase a promising future for the consistently rising demand for flexible workspace industry in India. We will continue to meet the evolving needs of our members across the country through such partnerships and service offerings in the future as well,” said Arnav S. Gusain, Head of Real Estate, Product and Procurement, WeWork India.
“Now expanding their footprint in Bhutani group’s development Alphathum, WeWork will establish a strong presence along with Noida – Greater Noida Expressway. An established micro-market with a strong retail presence and a well-defined residential catchment. Colliers is proud to have created synergies for like-minded parties through this transaction and is excited to witness their journeys,” said Bhupindra Singh, Managing Director, North India at Colliers.WeWork is India’s largest office space provider, aimed at creating flexible workspace solutions for companies of all sizes. Since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work with over 5 million sq ft of assets acquired in 36 locations, across NCR, Mumbai, Bengaluru, Pune, and Hyderabad.