Axis AMC leases two floors in Macrotech Developers’ Mumbai tower, ET RealEstate

July 10, 2023

Axis Asset Management Company, the mutual fund investment entity of Axis Bank, has taken on lease two floors in Macrotech Developers’ commercial tower in Mumbai’s Lower Parel to set up its head office, people aware of the development said.

The company’s headquarters — currently in Wadia International Center on Worli’s Budhkar Marg — is expected to be shifted to this place soon, in line with its expansion and consolidation plan.

Axis AMC is likely to consolidate some of its existing Mumbai offices that support a few key functions in this newly leased space,” one of the persons cited earlier said, adding that the company has leased more than 63,000 sq ft of office space in ‘One Lodha Place’ for more than nine years.

The company will be paying a monthly rent of Rs 1.2 crore for the office space spread over the 22nd and 23rd floors of the 39-storey tower, the sources said, adding that the space has already been handed over to the new tenant for fit-out work.

Queries sent to Axis AMC and Lodha remained unanswered till as of press time. Transaction advisor JLL India declined to comment.

According to the sources, Axis AMC has made a security deposit equivalent to six months’ rent. The agreement includes a clause to escalate rentals by 15% every three years, they said.

The company will be paying about Rs 150 crore as rental through the entire lease tenure.

The tower’s top few floors are expected to be reserved for Lodha itself as the company is planning to set up its own head office there. As part of the agreement, Axis AMC will get exclusive access to some 60 car parking slots in the commercial tower, the sources said.

  • Published On Jul 10, 2023 at 08:47 AM IST

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