ICICI Prudential Life Insurance has secured a major 252,000
square feet of office space in Mumbai's Mindspace IT Park, in Malad West. This
acquisition, spanning four floors, marks the company's largest back-office
facility. Observers consider the transaction one of the most significant office
lease agreements completed in the country this year.
The lease agreement for this spacious office space, signed
for five years, incorporates a structured deal. Monthly rental payments amount
to Rs. 91.5 per square foot, with provisions for a 4% annual escalation in
rental costs.
The new office premises, capable of accommodating 2,400
employees, will serve the purpose of expansion and relocation for this company.
The most recent closing and registration of the agreement show the company's
intention to transition from its current back-office operations location in
Malad East, which it has been using for nearly a decade.
There will be two phases to the new office space's occupation, starting on the day the current tenant vacates. Furthermore, ICICI Prudential Life Insurance will enjoy the convenience of having access to 231 car parking slots located within Prism Towers, the building where the new premises will be situated.