Bandra-Kurla Complex (BKC) has emerged as a prime destination among global firms for their India headquarters. Now, Facebook, the online social networking service with more than one billion users, will set up its India corporate office in this commercial business district.
It has just concluded a deal to take on lease 22,000 square feet on the seventh floor of One BKC, a commercial tower controlled by Radius Developers.
Since the past two years, Facebook India had been temporarily operating out of a business centre at BKC; it has now decided to permanently set up base here. The lease agreement is for five years with 15% increase in rent every three years. Facebook will pay an annual lease rent of around Rs 6.5 crore, it is learnt.
Both Radius and Facebook refused to comment on the deal.
“Facebook India wants to leverage the brand in India and wants to reach out to businesses and engage with local communities,“ said market sources familiar with the BKC transaction. It already has a development centre in Hyderabad.
Facebook India leadership team as well as its sales and marketing team will be based in the new premises.
The online social networking service headquartered in Menlo Park, California, is the latest global giant to move into BKC. Citibank, Bank of America, Roche and many other international firms have already set up base here.
Late last year, Bank of America shifted its India headquarters from Nariman Point to BKC when it took on lease 1.3 lakh sq ft (four floors) in One BKC at Rs 230 per sq ft a month.
Early this year, Trafigura, a global commodity trading and logistics firm, expanded its presence in BKC, occupying one lakh sq ft on the 10th and 11th floors of One BKC.
Pharmaceutical giant Pfiz er also shifted from Jogeshwari to BKC, taking on lease 90,000 sq ft office space at Wadhwa Group's commercial tower, The Capital. It is believed to pay Rs 2 crore a month as lease rental.
Last month, in perhaps the biggest commercial transaction this year, pharma giant Abbott India concluded a Rs 950 crore deal for space in Godrej BKC, an upcoming 19-storey office building in Bandra-Kurla Complex. Abbott bought 2.5 lakh sq ft (carpet area) at the rate of around Rs 37,000 a sq ft (on carpet area).
In 2012, Citibank had signed what was considered the biggest commercial office space deal in the country , shelling out Rs 950 crore for around 3 lakh sq ft spread over six floors of a 12storey building, FIFC Tower, in BKC.
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