IDBI Federal Life acquires commercial space worth Rs. 111 crore in Lower Parel

IDBI Federal Life acquires commercial space worth Rs. 111 crore in Lower Parel

In an out-and-out real estate deal, which is the largest so far this year, IDBI Federal Life Insurance Company has bought office space worth over Rs 111 crore at Marathon Futurex complex at Lower Parel in Mumbai, according to sources familiar with the development.

Marathon Realty is developing this eight lakh sq ft office building in three phases, of which two phases up to 26 floors have already been completed. IDBI Federal Life has acquired around 62,000 sq ft space spread over two floors -22nd and 23rd floors -of the 26-storey tower.

The deal works out to approximately Rs 18,000 per sq ft which is within the range of current property rates for outright transactions. Office property rates in Mumbai’s secondary business district of Lower Parel are in the range of Rs 18,000-20,000 per sq ft basis the profile and facilities offered in commercial complexes in the locality.

“The deal is complete and registered last week. This office space can accommodate a total of 450 employees,” said a source.  “We have acquired the property in line with its growth strategy and plan to start operating from the new office in a few months.”

The complex, with multi-level car park, also houses offices of Tata Group’s consulting firm Tata Strategic Management, HDFC, India subsidiary of Paris-based global cosmetics major L’Oreal, and the Consulate General of Israel. The commercial project has already completed two phases of planned development; and the third phase is expected to finish in the next two years, which will take the tower to 38th floor, making it one of the tallest commercial towers in India.