Max group gives on lease 80,000 sq ft office space in Noida to Cyril Amarchand Mangaldas

Max group's realty arm Max Estates on Wednesday said it has leased 80,000 sq ft of prime office space to law firm Cyril Amarchand Mangaldas in its commercial project in Noida, Uttar Pradesh.

Max Estates is a subsidiary of Max group firm Max Ventures and Industries (MaxVIL), which is listed on stock exchanges.

In a statement, Max Estates said it has leased 79,933 square feet at its Grade A office complex Max Towers in Noida to Cyril Amarchand Mangaldas. Another 7,300 square feet area was given on lease to DBS.

The company did not disclose the monthly rental. Earlier, Max Estates leased around 62,500 square feet to Yes Bank and around 25,000 square feet to Indian Energy Exchange (IEX) at Max Towers.

Kama Ayurveda, Khaitan & Co, Delphix, co-working firm Spaces and French multinational Veolia have also taken space in this building, among others.

The total leased area at Max Towers has reached nearly 90 per cent of the total leasable area of around 5.3 lakh square feet, the statement said.

''Cyril Amarchand Mangaldas is a welcome addition to the set of renowned domestic and multinational corporates who have chosen Max Towers as their corporate office,'' said Sahil Vachani, MD and CEO, MaxVIL.

He said demand for premium office space has increased in Noida because of competitive rental as compared to other mainstream office locations in Delhi-NCR and better local infrastructure. Cyril Shroff, Managing Partner, Cyril Amarchand Mangaldas, said ''Cyril Amarchand Mangaldas Delhi will be shifting to Max Towers Noida in June. This is a newly built, ultra-modern building and our office will incorporate the latest concepts in office design.'' Built with an investment of about Rs 600 crore, with a net leasable area of over 5.3 lakh square feet, Max Towers is a 21 storey Grade A+ commercial office tower.

MaxVIL's other commercial real estate projects include Max House at Okhla in the national capital. The first phase of Max House, comprising around 1,05,000 square feet leasable area was launched for leasing recently. The second phase of the project of similar size as the first phase is targeted to start construction in H1 FY22. Max Estates recently commenced construction of its third commercial realty project in Noida to be built at a cost of Rs 400 crore, having New York Life Insurance Company as financial partner.

''As a part of its strategy to emerge as a leading commercial real estate office player in NCR, Max Estates is evaluating development opportunities in Gurugram as its next destination to fill the deficit in Delhi-NCR, of developer owned and developer managed office space providing top notch experience to its occupiers,'' the statement said.

MaxVIL owns and operates a real estate business through its 100 per cent subsidiary Max Estates, and a packaging films business through Max Speciality Films, a 51:49 strategic partnership with Toppan, Japan. MaxVIL also has a real estate services and management company – Max Asset Services and an investment subsidiary Max I., which supports real estate entrepreneurial ventures.

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