The real estate non-broking consultancy firm has picked up this office space in tower C of the building and plans to use this as its head office. Currently, the firm is based out of another commercial tower The Capital in BKC from where it plans to shift out in the month of September.
While deal size is small compared to other commercial transactions, it assumes significance because of it being an outright purchase in the backdrop of current market environment caused by Covid19 pandemic.
The firm plans to close the purchase with internal funds and has already made a substantially large down payment.
According to the consultancy, the purchase has been made to reduce the recurring cost of lease and comes at the back of the firm announcing sales of Rs 318 crores on Akshaya Tritiya, during the lockdown.
“Around 70% of the payment for the property has been made and we plan to shift during the auspicious days of Navratri this year. The response at our mandated projects post the lockdown gave us the confidence to proceed with the purchase,” said Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory.
Last year, Blackstone had purchased one of the three wings in ONE BKC at Rs 2,500 crore. The building has noteworthy clients like Bank of America, Facebook, Merril Lynch, Cisco, Amazon and also Brett Lee’s F45 Gymnasium and Fitness Studio.
Recently, Vrihis Properties–a Brookfield Asset Management company acquired beleaguered Jet Airways two floor office in Godrej BKC for Rs 29,000 per sq ft.