Dow Chemicals International Pvt Ltd has leased 179,000 sq ft of office space at Mindspace Business Park in Airoli, Navi Mumbai, under a 10-year agreement registered with a starting monthly rent of Rs 16.4 million, according to data accessed by Propstack.

The lease covers a chargeable area of 256,000 sq ft, translating to an effective rent of Rs 64 per sq ft per month. Dow Chemicals has deposited Rs 147.7 million as security, with a 5 per cent annual rental escalation included in the agreement, a standard clause in Grade-A commercial leases.

In addition, the company has deposited Rs 820.9 million as a fit-out security, refundable at 10 per cent annually over the lease term. Dow will also pay a fit-out rent of Rs 29.45 per sq ft per month, reflecting the high-specification interiors and finishes being implemented. The lease includes 225 reserved car parking spaces for employees.

Mindspace Business Park, managed by Mindspace Business Parks REIT, spans 198,000 sq m of leasehold land and is a notified Special Economic Zone (SEZ) for IT and ITeS operations. The tower leased by Dow is located in the non-processing area of the SEZ, earmarked for offices and corporate facilities.

Airoli has developed into one of Navi Mumbai’s most sought-after office hubs due to strong connectivity, availability of large floor plates, and modern business infrastructure. The area hosts multinational firms across consulting, financial services, IT, and life sciences sectors.

The deal comes amid rising commercial activity in Navi Mumbai. Recently, HDFC Bank signed a 10-year lease for nearly 400,000 sq ft at another Mindspace project, committing to a total rental outlay of about Rs 3.2 billion. Analysts note that such transactions reflect strong occupier confidence in Navi Mumbai’s Grade-A SEZ market, with global capability centres, banks, and technology companies driving sustained demand.