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In one of the largest occupier lease transactions, American multinational information technology services major Cognizant Technology Solutions has picked up 230,000 sq ft of office space at K Raheja Corp’s IT SEZ in Navi Mumbai’s Airoli, said two persons familiar with the development.

“The deal has been signed and the registration is expected to be done soon. The monthly rent for the lease is fixed at Rs 42 per sq ft with total tenure being 12 years,” said one of the persons mentioned above.

The company that clocked around $7.5 billion annual turnover in 2012 has picked up this space for expansion of its business in addition to its more than 10 global delivery centres located in India, the only other country where Cognizant has such a large presence is the US.

The New Jersey-headquartered company has around 50 development centres across the world. The new office in Mindspace at Airoli will be Cognizant’s second global delivery centre in Mumbai. Currently, it has an office in Kensington SEZ at Hiranandani Business Park in Powai, a suburb. It has no plans to move or shift this facility and the new office space will be only for expansion.

According to industry experts, the new centre can accommodate as many as 2,300 employees, given the software development business benchmark of 100 sq ft space for each employee. Other prominent tenants at Mindspace in Airoli are Wipro, Capgemini India and Accenture.

Of the over total 4 million sq ft development spread over 35 acres, around 70% is constructed so far and with this deal, almost all the constructed area will be occupied. Navi Mumbai and the peripheral locations of Mumbai including Thane are fast emerging as a destination for software companies that are looking for expansion or consolidation.

The deal assumes significance in the backdrop of the general sluggish scenario in the commercial property market. Many organisations are using the current situation to their advantage by picking up large spaces for consolidation and future expansion needs at competitive rates being offered by developers.

Via : ET