Mumbai: Aristo Pharmaceuticals has acquired office space spanning two floors in a commercial tower located in Andheri West, a western suburb of Mumbai, for over Rs 111.26 crore, marking one of the significant office transactions this year.
The pharmaceutical company purchased units on the first and second floors of Parinee I from Parinee Realty and an individual seller. The deal was officially registered on March 27.
The total carpet area acquired exceeds 18,300 sq ft, while the usable area, including loft space, is approximately 28,300 sq ft, according to property registration documents accessed via Propstack.
This acquisition represents a carpet rate of about Rs 60,800 per sq ft, indicating a sustained demand for premium commercial properties in the western suburbs of Mumbai. Notably, the deal involved seven separate agreements, suggesting a structured acquisition of multiple units within the same building.
The office tower is a completed commercial project that has attracted transactions from both investors and businesses.
RealtyDailyNews’s email inquiry to Aristo Pharma went unanswered, and Parinee Realty declined to comment.
Andheri West remains a key commercial micro-market, bolstered by its connectivity, proximity to major business districts, and access to essential social infrastructure. The area continues to generate interest from corporates looking to consolidate or expand their office spaces.
Aristo Pharma’s acquisition highlights a larger trend of end-users investing in owned office spaces as workplace strategies evolve, with many opting for asset ownership over leasing in certain scenarios.
Although leasing remains dominant in the office market, outright purchases by occupiers demonstrate a long-term commitment to specific locations and can lead to cost efficiencies over time, particularly in well-established commercial hubs like Andheri West.
