450,000 Sq Ft space lease renewed by Star India
The wholly owned subsidiary of The Walt Disney Company India, Star India has renewed its lease for nearly 450,000 sq ft office space. Space is spread across 16 floors of the commercial tower Urmi Estate which houses its India headquarters in Mumbai’s Lower Parel. As per the agreement the space is for a long-term tenure of 9 years. Star has also leased the ground floor lobby, meeting room, and studio area on the ground floor, as well as the mail room and terrace on the 8th floor of the adjacent Urmi Iconic Building, which is part of the same complex.
Under the agreement, the company will be paying rentals worth Rs 768 crore over the total tenure of the lease, including rental escalations of 4.5 percent at the end of every 12 months.
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