Smartworks, the managed workspace provider that is about to go public, has leased approximately 4.7 lakh square feet of office space in the DLF Commercial Building at DLF City-V in Gurugram for an annual rent of Rs 94 crore, according to records obtained by real estate data analytics firm Propstack. Because of this arrangement, the company now has over one million square feet in Gurugram.
This is Smartworks’ fourth managed location in Gurugram, joining its existing campuses at ASF Insignia in Vatsal Valley, RK 4 Square in Cyber City, and Golf View Corporate Towers on Golf Course Road.
The lease was registered on 3 December 2024, and it has a six-year term. Rent payments commenced on 1 November 2024, and they started in March 2025.
According to the documents, Smartworks agreed to pay Rs 165 per square foot plus a six-month security deposit of Rs 47.3 crore. The monthly rent is Rs 7.89 crore, which equates to Rs 94.68 crore annually. 794 parking spaces are included in the agreement, and after three years, the rent will rise by 9%.
The five-story new restricted campus along Golf Course Road is expected to be operational by February 2025.
Neetish Sarda, the creator of Smartworks, claims that the growth is a reaction to the growing need for campuses that are fully managed and serviced. “This expansion aligns with our commitment to empowering enterprises by providing tailored office solutions in large campus settings, equipped with a range of amenities to cater to the evolving needs of modern workspaces. Our focus is to enhance productivity and support growth in a professional and dynamic work environment,” he said.
DLF hasn’t commented on the development. This story will be updated in the event of a reaction.
On 14 August 2024, Smartworks submitted its draft red herring prospectus, revealing a total super built-up area of 9.12 million square feet, distributed among 13 locations and 45 centres. The company, backed by global asset management firm Keppel, filed its preliminary filings with the Securities and Exchange Board of India (SEBI) in order to acquire funds through an initial public offering (IPO).
The IPO comprises a new issuance of equity shares worth Rs 550 crore as well as an offer-for-sale of 67.59 lakh equity shares by existing shareholders. SEBI approved Smartworks’ IPO launch in December 2024.
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