Skechers acquires 80,000 sq ft office space for Rs 175 cr in Mumbai

American footwear giant Skechers’ subsidiary of Skechers South Asia has bought office space spread over about 80,000 sq ft on an outright basis in a commercial project near Mumbai international airport for more than Rs 175 crore. The California-headquartered firm has purchased the office space spread across three floors of ready commercial tower Fulcrum in the Andheri suburb of Mumbai from real estate developer House of Hiranandani. The lifestyle and performance brands firm was already a tenant in this commercial tower and has now bought the office space.The developer has sold this office space to Skechers South Asia via two of its subsidiaries, Antevorta Developers and Hiranandani Realtors. As part of the deal, Skechers South Asia has additionally obtained exclusive access to a total of 50 car parks. The agreement was completed and listed on Friday, showing documents accessed via CRE Matrix, a real estate data analytics company. The 10-storey office building is a joint enterprise development between Sears Construction, a House of Hiranandani company, Keer Hotels and the Shaikh family. The joint development contract was signed in 2004 and the development of the tower was done in 2013 after beginning the same in 2008. Apart from Skechers South Asia, the commercial tower additionally counts SBI Life, Norwegian chemicals and paints multinational Jotun Paints and US-based deal research organization Pharmaceutical Product Development (PPD) among its essential occupiers. Andheri secondary business district, in addition to Bandra-Kurla Complex, has been arising as a location for firms to install their front offices. The year 2020 witnessed Advertising giant WPP consolidate its numerous offices in Mumbai into a single building to install their India headquarters. WPP’s large group firms comprising Group M, IMRB International and Ogilvy and Mather (O&M) will work from this new address. Before that, Canada’s Brookfield Asset Management procured a 9.7-acre land parcel in Andheri east comprising a five-star hotel Waterstone thereon for about Rs 750 crore. The fund is proposing a large 1.1-million-sq-ft office development. Realty giant Runwal Group additionally procured a 3-acre land belonging to Rashtriya Metals to make way for a large 1.1 million sq ft office growth in the vicinity. Image Source Also read: Flexible leases will be a boon in the post-pandemic market