by THO
Bengaluru-headquartered managed office space provider BHIVE Workspace has leased 77,000 square feet from Address Maker on CMH Road in Indiranagar, the company said in a statement on September 9. This space take up comes at a rental fee of ₹8.5 crore per annum.
Address Maker is a Bengaluru-based real estate player with a portfolio spanning 5 million square feet of delivered projects across the residential, commercial plotted development categories.
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According to the company statement, the B+G+3 structure will feature over 1,500 seats and a host of amenities, including boardrooms, private phone booths, recreational zones, designer studios and dedicated stack parking.
“Acquiring this property is a significant step in strengthening our leadership position in Bengaluru’s Central Business District, one of the city’s most prominent areas. I am glad to expand our presence, especially with a property that is just a stone’s throw from the metro station,” said Shesh Rao Paplikar, Founder and CEO, BHIVE Workspace.
BHIVE Workspace is looking to expand its footprint by 3 million square feet over the next two years, the company announced last month. In the ongoing financial year, the brand aims to add 1 million square feet to its total footprint, of which about 7-8 lakh square feet would be in its home base Bengaluru.
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Furthermore, the co-working player is targeting nearly ₹350 crore in revenue during the ongoing financial year. In the last fiscal, BHIVE clocked ₹170 crore in total revenue alongside a net profit of ₹7 crore. Going forward, the brand is eyeing an initial public offering (IPO) by FY26.
Recent addition
Earlier this year, BHIVE leased seven commercial units spread across an area of around 62,000 sq ft in Mumbai’s Bandra Kurla Complex at a monthly rental fee of over ₹1.25 crore for a period of five years.
In July, BHIVE leased 42,000 square feet of office space in Garudachar Palya of Mahadevapura suburb in Bengaluru, marking its second collaboration with the Brigade Group.
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The flexible workspace provider is currently present across more than 27 locations spanning over 1.8 million square feet with 28,000-plus billable seats.
