Nykaa takes up 27,128 sq ft office space in South Mumbai

The popular beauty and fashion brand, Nykaa E-Retail Private Limited recently took an office space of 27,128 sq ft in Prabhadevi, South Mumbai as the company looks forward to increasing their online as well as offline presence post their public listing last year. The transaction involves a rental payout of approximately Rs 41.92 crore for a lease tenure of five years, as per the documents from the real estate analytics firm CRE Matrix. The five-year lease period commences from 1 April, and the rent payout on 1 July. Nykaa took the new space at Energy IT Park, Old Standard Mill Compound, and it also has around 13,000-14,000 sq ft of current office space on another floor.The company will have access to 27 car parking spaces.The office space is leased to the e-retail company by Naveen and Sangeeta Khandelwal, they both are directors in Devesh Functional Foods Private Limited. CRE Matrix CEO and co-founder, Abhishek Kiran Gupta said that having the big companies like Nykaa and Byju taking up large office spaces on a lease, their confidence in the commercial office segment is continuing to increase with each new deal.The company foresees the commercial segment to witness increased interest as the Indian startup story gains momentum.The work-from-office model is going to return soon along with some modifications like hybrid. Image Source Also read: Kansai Nerolac Paints acquires office space in Mumbai for Rs 85 cr