Smartworks leases 5.57 lakh sq ft office space in Mumbai; shares in focus today
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Smartworks shares made a positive debut on the BSE and the NSE on July 17 | Credits: Smartworks Coworking Spaces
Smartworks leases 5.57 lakh sq ft office space in Mumbai; shares in focus today
Smartworks Coworking Spaces Ltd has expanded its portfolio by leasing a 5.57 lakh sq. ft. office campus at Intellion Park, Navi Mumbai, surpassing the 1 million sq. ft. mark. This milestone highlights the company's ability to meet enterprise demands in strategic markets like Mumbai, setting new benchmarks in the commercial real estate landscape.
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Currently, Smartworks has 4 large campuses in its portfolio including one in Bengaluru, each exceeding 500,000 sq. ft.. The flagship campus at Vaishnavi Tech Park in Bengaluru is around 700,000 sq. ft.
Smartworks shares made a positive debut on the BSE and the NSE on July 17 | Credits: Smartworks Coworking Spaces
Shares of Smartworks Coworking Spaces Ltd are likely to be in focus today after the company announced its biggest Mumbai addition on Wednesday.
The recently listed firm has leased a 5.57 lakh sq. ft. office campus at Intellion Park, Navi Mumbai.
With the latest addition, the total leased spaces portfolio of Smartworks surpassed the 1 million sq. ft. mark, a first in the managed office space.
“Mumbai is a strategic market and enterprise demand here continues to accelerate across sectors. Intellion Park, our largest managed office campus in the city, is designed for enterprises that need scale, speed, and experience under one roof. Crossing over 1 million sq. ft. leased portfolio mark in Mumbai is not just a milestone, it reflects the deep trust enterprises place in our model and our ability to deliver at scale,” said Neetish Sarda, Managing Director & Founder, Smartworks, in a statement.
The Intellion Park has been developed by Tata Realty and Infrastructure Limited, and is located on the Thane Belapur Road.
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This is set to be the largest IT Park in Navi Mumbai, surrounded by an already developed infrastructure including effective modes of connectivity, residential hubs, and access to a strong talent pool.
“With Intellion Park set to become Navi Mumbai’s largest IT Park, and Smartworks’ expertise in building scalable, enterprise-grade campuses, this collaboration is poised to set new benchmarks in the region’s commercial real estate landscape,” said Sanjay Dutt, Managing Director & CEO, Tata Realty, in a statement.
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The campus, pre-certified with LEED Platinum, IFC Edge, and WELL Gold, uses solar power, smart automation, underdeck insulation, and efficient LED lighting to cut energy use and advance enterprise ESG goals.
The managed offices platform company stated that it is already in talks with some big-ticket clients.
Currently, Smartworks has 4 large campuses in its portfolio including one in Bengaluru, each exceeding 500,000 sq. ft.. The flagship campus at Vaishnavi Tech Park in Bengaluru is around 700,000 sq. ft.
The ₹582 crore IPO of Smartworks was listed on the exchanges in July this year. The IPO comprised a fresh issue of equity shares worth ₹445 crore and an offer for sale (OFS) of ₹137 crore by the promoters.
Shares of Smartworks Coworking closed at ₹511.40 on the NSE on Wednesday, down marginally by 1.34% from its previous close of ₹ 518.35.