In a dismal real estate market, Tata Consultancy Services (TCS) has signed an agreement with Neptune Developers to lease the largest IT office space in the city.
TCS will take over 3.5 lakh sq ft space in Neptune Element, an 11-storey IT building constructed by the developers in Thane’s Wagle Industrial Estate. The two parties are learnt to have negotiated the deal for a lease amount of Rs 35 to Rs 40 per sq ft per month, which works out to an annual rent of close to Rs 16 crore. A formal agreement is expected to be sealed in a few weeks.
A TCS spokesperson said, “We have signed a letter of intent to lease the space. A final agreement will be signed only after due diligence of the property documents.” About 3,000 staffers are expected to work on the new premises.
Via : TOI