Mondelez India renews Mumbai office lease for 3 more years
Mondelez India Foods, which sells confectionaries under the Cadbury brand, has renewed its office premises lease in Mumbai for three years with a monthly rental of just over ₹1 crore, registration documents showed.
For three years, the total rental for the offices at One International Centre Pvt Ltd in the central Mumbai suburb of Lower Parel, comes to ₹36 crore. The company has to pay separately for car parking and common area maintenance charges, at an additional ₹14.4 lakh a month.
Mondelez is occupying five office units in the building spanning 66,756 square feet, the agreement documents accessed from data analytics firm Propstack showed. The company will also get access to 100 car parking slots of which 50 are free and the remaining 50 will be charged.
One International Centre was acquired by the Blackstone Group in 2019 from Indiabulls Real Estate that had constructed the building. It is now part of the US-based private equity firm’s office portfolio housed under Nucleus Office Parks.
Mondelez had originally inked the lease for the office premises at the building in 2013 for nine years when it had shifted its headquarters from Cadbury House located in Peddar Road to Lower Parel. At that time the rent was at ₹125 per square feet a month. The current rate is ₹169 per square feet a month.
The rental payments start from June 8 this year and there is a lock-in period of 30 months for Mondelez, while the entire tenure of the lease is locked-in for the landlord.
