Global payments and technology company Mastercard’s India arm has leased over 4.23 lakh sq ft office space in a commercial project Bluegrass Business Park being developed by Brookfield Properties in Pune’s Yerwada locality for a long-term tenure of over 20 years.
The company also has an option to expand the deal size to 9.08 lakh sq ft going forward, and this is one of the largest office lease transactions with pre-commitment arrangement. The payments systems operator Mastercard has leased the space to its subsidiary through Mastercard Technology with a lock-in period of 10 years.
The commercial project, jointly owned by Brookfield and Nephronia Ecopaces, is currently under construction. The space taken up by Mastercard is expected to be delivered in three phases between October 2022 and October 2024.
Out of the total office space being leased by Mastercard, the transaction for the first phase with 4.23 lakh sq ft has already been registered.
Mastercard Technology will be paying monthly rentals of Rs. 97.50 per sq ft for the leased space, taking the annual pay out to around Rs 50 crores for the leased space under the first phase.
As per the lease agreement for the first phase, Mastercard will be paying a security deposit worth 12 months’ lease rentals. In addition to the office space, the tenant will also get exclusive access to a total 683 car parking and 1,174 two-wheeler parking slots, showed the agreement accessed through real estate analytics firm Propstack.
Bluegrass Business Park is part of Brookfield’s portfolio of over 50 million sq ft office spaces across India. The complex is part of a mix-use development spread across 59 acres of area offering commercial, residential and hospitality spaces. With over 1.9 million sq ft of commercial space, the upcoming campus is master planned by Perkins Eastman and the development is being undertaken in collaboration with Ananta Lifespaces.
