Managed office space provider Dev Accelerator (DevX) has acquired a 27-storey commercial office tower in Ahmedabad, covering 800,000 sq ft, in a deal exceeding Rs 850 crore in total rentals, marking the largest coworking transaction in India.
This deal is particularly noteworthy as such a significant agreement is made in Ahmedabad, a deviation from traditional office hubs like Mumbai, Bengaluru, Hyderabad, Delhi-NCR, and Pune.
The transaction is structured as a long-term development management (DM) agreement rather than a standard lease. The project is in the construction phase and is expected to be completed within 2.5 to three years.
“This reflects the shifting focus in India’s commercial real estate towards high-growth Tier II cities. Our Development Management model allows non-institutional landowners to create top-tier properties that are increasingly in demand by global occupiers,” stated Umesh Uttamchandani, MD of Dev Accelerator.
According to him, as Ahmedabad gears up for major global events and GCCs look for alternatives to overcrowded metro markets, this new campus is poised to significantly contribute to the city’s economic development.
Under this agreement, DevX will handle the entire lifecycle of the asset—covering planning, development, leasing, and operations—in partnership with the landowner. The agreement spans 15 years, featuring a four-year lock-in period for DevX, while the developer is locked in for the duration. Monthly rentals will start at approximately Rs 4 crore with a 5% annual escalation, alongside a security deposit of around Rs 25 crore.
Located on the Ambli-Bopal Road—an established premium residential and commercial corridor in Ahmedabad—the campus will be developed as a Grade A+ green building primarily for global capability centres (GCCs) and enterprise users.
DevX aims to invest nearly Rs 100 crore over the next four years, anticipating the addition of around 8,500 seats to the city’s office landscape. Upon completion, the facility is projected to generate over Rs 120 crore annually.
This deal reinforces the company’s strategy of expanding into high-growth Tier II markets, where businesses are increasingly exploring alternatives to crowded metro office locales.
DevX already operates in the same region, having delivered a fully sub-leased managed office building of approximately 3.5 lakh sq ft in Ambli-Bopal. This facility, which accommodates 3,200 seats, has achieved a 95% occupancy rate and generates Rs 32 crore in revenue from tenants in consulting, engineering, and technology sectors.
The company currently runs 28 centres across various Indian cities, managing over 17,200 seats and 1.21 million sq ft of space.
Unlike conventional leasing models, the development management structure enables non-institutional landowners to monetize large parcels of land while operators create and maintain institutional-grade office spaces. Industry experts note that such arrangements are becoming more popular as companies seek flexible, fully managed workspaces with standardized operations.
This transaction signifies the growing sophistication of India’s flexible workspace sector, with operators increasingly transitioning from leasing individual floors to controlling entire office buildings and campus-style developments.
