New Delhi: New Delhi Televi- sion (NDTV) has leased 128,000 square feet of commercial office space in Noida’s Max Square, Max Estates said without disclo- sing financial details of the transaction.
Managed work space firm Sko- otr had earlier leased 100,000 sq ft. of space spread across two floors in this complex, developed by Max Estates, the real estate arm of the Max Group.
Max Estates said in a statement that the latest transaction with NDTV is a clear reflection of Noida Expressway and particularly Max Square fast emerging as a “new centre for corporate office beyond a back-office hub”. “With this, Max Square, within 6-9 months of receiving its completion, has transacted (including letters of intent) 50% of the office space, including 100% of the retail/F&B (food and beverages) is committed,” it said.
Max Estates, which has concluded the reverse merger of Max Ventures and Industries with itself, launched Estate 128, its first luxury residential development in Delhi-National Capital Region (NCR) in the second quarter of this financial year and got bookings worth 1,800 crore.
Latest deal with NDTV a reflection of Max Square fast emerging as a “new centre for corporate office beyond a back-office hub”, says Max
The company also got a positive response for commercial office leasing at both of its new assets- Max Square on Noida Express- way and Max House-Phase II in south Delhi.
It has pre-leased 54% of the office space at Max House-Phase II even before receiving completion, which is expected in the ongoing quarter.
Total leasable area for Max Square is 700,000 sq ft and New York Life Insurance Company is a 49% partner in the project.
Rentals in this project are at a 25- 30% premium over the prevailing market rate. On 100% occupancy, the total annual rental income from the complex is expected to be 395-4,71 crore.
Source- The Economic Times