US' WeWork leases over 3-lakh sq ft in Bengaluru and Mumbai

BENGALURU | MUMBAI: Co-working space provider WeWork is betting big on India and has taken on lease two buildings in Bengaluru and Mumbai with a total space of 3.3 lakh sq ft.
For its first flagship co-working space, WeWork India has leased the 1.4-lakh sq ft building Embassy Galaxy on Residency Road, said top officials of the company. The building is expected to accommodate over 1,800 members.

This will be followed by the launch of Enam building, a 1.9lakh sq ft standalone building owned by Enam Securities Group in Mumbai's commercial business district Bandra Kurla Complex. The building's rental is Rs 225 per sq ft, taking the rent to Rs 4 crore per month.

Embassy Group's Karan Virwani along with Juggy Marwaha, former managing director-South India of JLL, are leading the WeWork India team, while working with Nikhil Arora from the WeWork global team.

Through an operating agreement signed in November 2016 with the Bengaluru-based Embassy Group, the two partners are planning rapid expansion in India. "By the end of 2017, WeWork India will sign deals for spaces across Bengaluru, Mumbai and the National Capital Region. The first flagship WeWork building will be launched this year in the startup capital of India Bengaluru," said Marwaha.

WeWork India confirmed the intent to launch the two buildings by the middle of this year. "Plans are to open several buildings by the end of 2017," said Karan Virwani of WeWork.

The concept of co-working spaces is gaining traction as a practical option for startups to save funds and gain flexibility on the utilisation of offices. The trend is catching up in large cities led by Bengaluru.