Piramal Realty gives on lease 1.1 lakh sq ft office space to Pantaloons in Mumbai's Kurla

Piramal Group has given on lease 1.1 lakh sq ft office space to Pantaloons, a division of Aditya Birla Fashion and Retail Ltd, in its commercial complex at Kurla in Mumbai. Pantaloons has leased 1.1 lakh square feet of commercial space at the Piramal Agastya Corporate Park, the company said in a statement.

The company, however, did not disclose the monthly rental at which this leasing transaction has been done. Spread over 16 acres, the corporate park is a non-IT commercial development. Some of the clients with their offices in the corporate park are Piramal Enterprise, Innova8, and Piramal Learning University.

"Kurla is rapidly changing with its urban blend of residential, industrial and commercial estates. Piramal Agastya adds to this overall socio-economic development with its meticulously crafted layout and innovative biophilic designs," said Gaurav Sawhney, president (sales and marketing), Piramal Realty. Sangeeta Pendurkar, chief executive officer, Pantaloons, said, "The new centrally located office will ease the commute for our employees, and the contemporary décor combined with meticulously crafted workspaces will boost productivity."

Piramal Realty, the real estate development arm of the Piramal Group, is in the process of doubling its area under development to 30 million sq ft across the residential and commercial segment. The company had raised USD 434 million funding by Goldman Sachs and Warburg Pincus, two international equity partners, at the entity level, one of the largest foreign private equity investments in Indian real estate.

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