WeWork India leases 6.6 lakh sq ft space from Bhutani Group in Noida
WeWork Alphathum will be spread over an area of 6.6 lakh sq ft and will house over 8,500 desks. It is set to open in Q4 2022
WeWork India has leased the entire commercial tower from Noida-based Bhutani Group for at least 18 years, according to Ashish Bhutani, Chief Executive Officer of Bhutani Group.
WeWork will take over the entire tower with 25 leasable floors at Bhutani Alphathum in Noida as part of its expansion strategy. According to Bhutani, the facility will open in the fourth quarter of 2022.
The CEO added that the fit-outs will begin next month and that the facility will be operational by the end of the year.
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 approximately Rs 55 per square feet.
The collaboration combines WeWork India's innovative flexible workspace solutions with Bhutani Group's futuristic business destinations, resulting in enhanced solutions that cater to the changing nature of work and workspaces.
The steel-framed structure consists of three high-rise towers connected by a common terrace and is tailored to meet the workplace needs of businesses of all sizes. The building is well connected by various modes of transportation, including road and metro, allowing professionals from all over the city easy access.
"We welcome WeWork to Bhutani Alphathum and are committed to providing them with the best services possible." "We look forward to a long-term mutually beneficial relationship that will be significant in terms of vibrant business activities and participation from prospective business communities," said Ashish Bhutani, CEO of Bhutani Group.
"Through this collaboration, we not only hope to strengthen our presence in the Indian market, but also to demonstrate a promising future for the consistently rising demand for flexible workspace 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," said Arnav S. Gusain, WeWork India's Head of Real Estate, Product, and Procurement.
"WeWork will establish a strong presence alongside the Noida – Greater Noida Expressway, now expanding their footprint in Bhutani group's development Alphathum." A well-established micro-market with a significant retail presence and a well-defined residential catchment. Colliers is proud to have created synergies for like-minded parties through this transaction and is looking forward to following their journeys," said Bhupindra Singh, Colliers' Managing Director, North India.
WeWork is India's largest office space provider, with the goal of providing flexible workspace solutions to businesses of all sizes. With over 5 million sq ft of assets acquired in 36 locations across NCR, Mumbai, Bengaluru, Pune, and Hyderabad since entering the Indian market in 2017, WeWork India has been spearheading the concept of flexible workspaces and driving the future of work.