Mumbai, July 28: Lloyds Realty Developers Limited has signed a 15–year lease agreement with Smartworks Coworking Spaces Limited. Securing an estimated rental revenue of over ₹600 crore over the lease tenure, the agreement is for the entire 1,82,300 sq. ft. of The Square, its commercial tower in Andheri East — bringing the asset to 100% occupancy.
The transaction reflects sustained enterprise demand for prime institutional workspaces across key Mumbai business hubs. Situated 500 meters from Chhatrapati Shivaji Maharaj International Airport T2, The Square provides rapid access to major commercial districts including Bandra Kurla Complex, Powai, and the Western Express Highway corridor. By securing long term rental revenue Lloyds Realty strengthens its commercial portfolio cash flow and market positioning. The campus is expected to accommodate full occupancy of enterprise seats once fully operational.
Commenting on the transaction, Mr. Ravi Agarwal, Chairman and Managing Director of Lloyds Realty Developers Limited, stated, ” This transaction is far more than the successful leasing of a commercial asset. It reflects the growing value of institutional-grade office developments that are strategically located, thoughtfully designed and capable of meeting the evolving requirements of large enterprises. Achieving full occupancy at The Square through a long-term partnership with Smartworks strengthens the quality of our commercial portfolio while providing stable, long-term rental cash flows and greater earnings visibility. As we continue to expand our real estate platform across Mumbai, our focus remains on creating high-quality assets that generate sustainable value for occupiers, investors and shareholders alike. This milestone reinforces our confidence in the long-term fundamentals of India’s commercial real estate sector and our strategy of building a resilient, income-generating portfolio.”.”
Designed by Panthaki Architects, The Square spans three basements, a ground level, and nine office floors. The structure holds an IGBC Pre certified Gold green building rating and features high efficiency floor plates delivering up to 62.35 percent efficiency. Building specifications include double glazed soundproof curtain walls, floor to ceiling heights reaching 11 feet, seven high speed Mitsubishi elevators, 100 percent power backup, and round the clock security. Onsite amenities feature a ground floor cafe space, a landscaped terrace garden, and three basement levels equipped with mechanized shuttle parking for vehicles.