Smartworks Coworking has leased out a 5-lakh sqft-space from the upcoming commercial project Amar Pristine Eighty-Three (AP83) in Pune, making it the largest deal till date in this segment in the country.
This will be the company’s fifth facility in Pune, and will be operational by 2021, the company said, adding it already has a portfolio of 6,000 seats in the city.
The second largest single-location deal in this space was struck by WeWorks’ 1.2 lakh sqft space in Pune.
The New Delhi-RPT New Delhi- based
Smartworks, which recently raised USD 5 million from the Singapore-based Keppel Land, is present in nine cities, offering about 43,000 workstations spread over 2.3 million sqft of space.
“AP83 is the largest deal in terms of space signed by any co-working space provider in the country. We have picked up nearly 60 percent of the space, which is jointly developed by Amar Builders and Pristine Properties at Koregaon Park in Pune,”
Smartworks founder Neetish Sarda told PTI on Tuesday.
Smartworks‘ second tie-up with Amar Builders after the 1.5 lakh sqft facility at Baner in Pune.
Sarda said with the deepening slowdown in the real estate sector, commercial property developers are exploring various opportunities, including partnering with coworking space operators.
“We have adopted a lease model, where we take up the space on lease and re-lease it to other customers. Our target is to have 4 million sqft space by March 2020,” Sarda said.
Commenting on this partnership, Amar Builders executive director Hrishikesh Manjrekar said, “the coworking segment has gained momentum of late. Through this partnership, we plan to cater to Pune’s ever-growing demand for curated coworking spaces for enterprise and start-up segment.”