September 28, 2023: Social media company LinkedIn has leased nearly 18,000 square foot (sqft) of office space in Mumbai’s Bandra Kurla Complex (BKC) for five years, at a monthly rent of Rs 1 crore. It has leased six units with six different owners on the fourth floor of Maker Maxity building located next to RIL’s Jio Mall. The company has paid a security deposit of Rs 10 crore on the lease and the rent begins on August 8, 2024, as reported by data analytics platform Propstack.
The effective starting rental rate is Rs 565 per sqft every month and it escalates around 4.5% every year. According to the terms of the lease, the owners of the office space are locked in for the entire duration of the lease and cannot terminate it during these five years. LinkedIn’s lease is locked-in for 36 months and cannot be terminated by the company during this period.
Apart from Mumbai, Linkedin has its offices in other key Indian cities including Bangalore, Gurgaon and New Delhi. The professional network platform has over 950 million members across 200 countries and regions worldwide. Of this, over 110 million members are in India, which is its second largest member count after the US that has over 206 million members. Linkedin has over 19,500 employees across 36 offices globally and its revenue exceeded $15 billion in Q4 FY23.
In the past, several notable deals have been reported in BKC. In 2023, Apple leased over 20,000 sqft of retail space spread over three floors in a mall in BKC, at a minimum guaranteed rent of around Rs 42 lakh per month. Bank of China leased office space spread across an area of 9,300 sqft at a rent of Rs 500 per sqft per month at Maker Maxity, BKC, Mumbai, for five years. This was followed by Hinduja Group’s property arm, Hinduja Realty Ventures, leasing an office space from Tata Communications for five years for a monthly rent of Rs 1.15 crore for the 46,000 usable sqft.