HERE Technologies’ India division has secured over 2.1 lakh sq ft of office space in Mindspace Airoli West (Gigaplex) through a long-term lease exceeding 10 years.
The lease agreement was made with Gigaplex Estate Pvt Ltd, the owner of the Mindspace Airoli West (Gigaplex) complex. The office space spans three floors (4th, 8th, and 9th) and commenced on December 20.
The total leased carpet area is 145,983 sq ft, while the chargeable area amounts to 208,547 sq ft. Monthly rent is set at Rs 71 per sq ft on the chargeable area, according to realty data analytics platform Propstack.
This translates to a monthly rental of approximately Rs 1.48 crore. Additionally, HERE Solutions India has provided a security deposit of Rs 13.32 crore as part of the lease agreement, which includes a 4.5% annual escalation clause.
Queries sent via email to HERE Solutions and Mindspace Business Parks REIT did not receive a response.
HERE Solutions India Pvt Ltd is the Indian entity of HERE Technologies, known globally for its location data, mapping, and navigation services. The company operates across the automotive, mobility, logistics, and tech sectors, with India playing a crucial role in its engineering and development.
This deal contributes to the ongoing leasing activity in Navi Mumbai, which hosts numerous large corporate tenants in the technology and services sectors.
Large office transactions continue to represent a significant portion of institutional-grade leasing in business parks as tenants seek long-term commitments and cohesive floor plans.
For landlords, long-term leases with established tenants provide predictable rental income, even as tenants prioritize quality space and favorable commercial terms.
