Design school Future Technology Skills Foundation (FTSF) has picked up nearly 2,00,000 sq ft office space spread over eight floors at Brookfield Properties’ Equinox Business Parks near Bandra-Kurla Complex (BKC) in Mumbai, Maharashtra, on a long-term lease.
Total tenure of the deal is 32 years, making it the country’s largest-tenure lease transaction ever. FTSF will be paying Rs 150 per sq ft as rental to occupy ground plus seven floors of the commercial building.
The lease agreement has a rental escalation clause, which ensures 15 percent rental reset every three years. As per the terms of the deal, the initial lock-in period for the lease is 10 years and the rentals will be waived off for the first six months period to be utilised for fit-outs.