WeWork India, a co-working space company, has reportedly leased 660,000 square feet of office space in a commercial project by Bhutani Group in Noida for the next 15 years. The move echoes company’s expansion plans to meet the increasing demand for flexible workspace.
The office tower, which is a part of the company’s 3 million square feet Alphathum project, is owned by the Bhutani Group. Group CEO Ashish Bhutani stated that the company has acquired the leasing rights for the entire tower on behalf of its investors.
The deal was facilitated by the real estate firm Colliers India and is one of the biggest commercial transactions in the country. The tower will be completed by December 2022 and will house over 8,500 desks.
Bhutani Group is committed to providing its customers with the best possible services, according to the CEO. WeWork India has also managed to expand a network in the area through the partnership with the Bhutani Group.
WeWork India is known to have a diverse client base and will be able to establish a strong presence in the area through its partnership with the group. The company’s flexible workspace solutions are also expected to help its customers meet their various needs.
During a recent interview, Karan Virwani, WeWork India’s CEO, said that the company had become profitable during the first fiscal quarter of the year, whereas the profit was recorded at USD 3.2 million.
For the next fiscal year, the CEO confirmed that the company’s revenue is expected to touch USD 12 million. WeWork India currently has a portfolio of over 5 million square feet of space across six major cities in India.
It would be interesting to see how WeWork India expands its operations as the country slowly recovers and reopens from the COVID-19 pandemic.
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