Educational technology company Think & Learn that operates as Byju’s has picked up 9,500 sq ft office at a commercial project Satellite Gazebo at Andheri in Mumbai, Maharashtra, on a five-year lease.
The company will be paying an annual rental of Rs 1.67 crore for this office space. The lease agreement includes an escalation clause to revise the rental five percent upward every year.
The rentals include car parking charges, common area maintenance charges and property tax. Byju’s will get access to a total six car parking spaces in the office building as part of this lease agreement. Property consultant JLL India facilitated the transaction.
The deal involves a lock-in period of first 33 months. The company has paid a security deposit of Rs 79.80 lakh. Earlier in 2021, Byju’s leased four lakh sq ft office space in Bengaluru from Prestige Group in its project on Outer Ring Road.