The transaction is a fresh lease agreement signed with Gigaplex Estate Pvt Ltd, which owns the Mindspace Airoli West (Gigaplex) complex. The lease for the office space spread over three floors, 4th, 8th, and 9th, of the commercial tower commenced from December 20.
The total carpet area leased stands at 145,983 sq ft, while the chargeable area is 208,547 sq ft. The monthly rent has been fixed at Rs 71 per sq ft on the chargeable area, showed the documents accessed through realty data analytics platform Propstack.
At this rate, the monthly rental works out to Rs 1.48 crore. HERE Solutions India has also provided a security deposit of Rs 13.32 crore as part of the agreement. The lease deed includes an escalation clause providing for a 4.5% escalation every year, as per the documents.
ET’s email queries to HERE Solutions and Mindspace Business Parks REIT remained unanswered.
HERE Solutions India Pvt Ltd is the Indian arm of HERE Technologies, a global provider of location data, mapping and navigation services. The company works across automotive, mobility, logistics and technology sectors, with India playing a key role in its engineering and development operations.
The deal adds to leasing activity in Navi Mumbai, which houses multiple large corporate occupiers across technology and services segments.Large-format office transactions continue to form a significant share of institutional-grade office leasing in business parks, driven by tenants seeking long-term space commitments and consolidated floor plates.
For landlords, long-tenure leases with established occupiers offer visibility on rental income over extended periods, even as occupiers remain selective about space quality and commercial terms.
