Table Space, a flexible workspace provider to corporates, has acquired 5 lakh sq ft office space in Bengaluru for around Rs 500 crore to expand its business.
The company has acquired 5 lakh square feet of office space in Whitefield, Bengaluru, for about Rs 500 crore, sources said.
Real estate consultant CBRE facilitated this deal, they added.
Table Space President Kunal Mehra confirmed the transaction, while CBRE declined to comment.
"Table Space has acquired Kalyani Camellia, Whitefield (Mahadevapura), Bengaluru, covering 5,00,000 sq ft," Mehra said.
"This is the second Table Space-owned asset in the brand's portfolio," he told PTI.
Mehra did not share the deal value.
Advertisement
The first acquisition was of Panchshil Towers in Kharadi, Pune, spanning over 9 lakh square feet.
"Bengaluru is our most mature and vital market, contributing 46 per cent to overall revenue and poised to remain our largest growth area," Mehra said.
He noted that Table Space is one of the country's leading enterprise workspace solution providers and a leader in providing enterprise-managed workspace solutions.
Founded in 2017, Table Space has built over 9.5 million square feet (90.5 lakh) of custom workspaces with over 60 centres across 7 cities in India.
It offers a solution-based approach to clients' workspace needs by providing a complete spectrum of offerings from ready-to-move-in premium workspaces to fully customised end-to-end managed office solutions and future first Enterprise Workspace as a Service (WaaS).
Advertisement
Demand for flexible workspace has risen significantly post-COVID pandemic.
Corporates are taking space on lease from flexible space providers as part of their strategy to reduce capex and also get rid of the hassles of managing office space. The adoption of the hybrid mode of working is also one of the major factors for growth in this segment.
Just one email a week