Smartworks, the co-working office space provider leases giant space in DLF City-V, Gurugram. Through the deal, company secured 470,000 sq ft commercial building in the millennium city.
It is the fourth time, that Smartworks leased space in Gurugram. The company already has multiple campuses in the city. Including Golf View Corporate Towers (Golf Course Road), RK 4 Square (Cyber City), and ASF Insignia (Vatsal Valley).
Neetish Sarda, Founder, Smartworks said, “Our growth in Gurugram reflects the increasing demand for fully managed and serviced campuses.”
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By far, Smartworks has the biggest share of campuses in the city. According to the filing on August 14th, 2024, Smartworks has a total built-up area of 9.12 million square feet across 45 centers in 13 cities.
In December 24’, SEBI (Securities and Exchange Board of India) gave a nod to Smartwork’s maiden IPO (Initial Public Offering).
The fresh IPO will release the stack of equity shares valuing Rs. 550 Crore and an Offer of Sale (OFS) of 6.759 million shares. By raising the IPO, Smartworks aims at loan repayment and the remainder to be used for general corporate purposes.
Apart from IPO, the company also wishes to bring a pre-IPO according to DRHP.
Smartworks has financial support from Keppel, a Singapore-based company that invested $29 million in 2019.
Before Smartworks, Google leased 550,000 sq ft workspace from Table Space in Gurugram’s commercial complex.
(Image Courtesy – athina984)
Without divulging details, sources said it is one of the largest managed workspace deals in the county.
An official who wished not to be named said, “Google is expanding its office presence in India and has been searching for large office spaces for over a year. The deal with Table Space as a managed workspace provider was recently finalized.”
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According to the figures by Cushman & Wakefield, a realty consultant, office space lease in India is likely to ascend. The demand for office spaces is high, as work from-office culture comes back after the pandemic era..
