Apple India extends leases for its office in Bandra-Kurla Complex

Apple India has extended its leases for its nearly 16,000 square foot office in Bandra-Kurla Complex (BKC) for another five years at higher rents. The office is located on three floors of the 5 North Avenue tower, which is part of the Maker Maxity commercial project. The company has renewed its leases on the 6th, 7th, and 8th floors of the tower through three agreements with landlord Agni Commex LLP. The lease rentals have been set between Rs 400 and Rs 402 per sq ft per month, up from Rs 374 per sq ft per month previously. Apple India has renewed its lease for its office on the sixth floor, which spans nearly 9,000 square feet and costs Rs 400 per square foot per month. This lease has a 55-month term that begins in mid-October and ends in May 2026. According to documents obtained through real estate analytics firm Propstack, all three leases have a clause that allows rents to increase by 4% every year, and Apple has paid a security deposit worth nine months rent for each of these leases. Apple has agreed to pay Rs 402 per sq ft in monthly rentals for its nearly 4,100-square-foot office on the seventh floor. The lease for the 8th-floor office, which spans over 2,900 square feet, has been renewed at a monthly rate of Rs 400 per square foot. The leases for the offices on the 7th and 8th floors will be for 60 months, beginning in June 2021 and ending in May 2026. Maker Maxity, a project developed by the Maker Group, consists of five office towers as part of an integrated development that also includes a luxury mall and a drive-in movie theatre. Maker Maxity is a high-end fine-dining complex located at the entrance to the Bandra-Kurla Complex. Image SourceAlso read: Major cities in India see surge in office leasing to 66% in FY21