The leased premises are situated within the IndoSpace Industrial Park, and the agreement came into effect on January 29, according to the documents.

The deal includes two units leased at a rate of Rs 36.37 per sq ft per month for a tenure of five years. Steelcase paid a security deposit equivalent to six months' rent, amounting to Rs 20.78 million. The agreement also stipulates an annual rent escalation of 5 per cent.

Email queries have been sent to both IndoSpace and Steelcase. The article will be updated if any response is received.

In a recent major warehousing and industrial logistics deal, IndoSpace had leased over seven lakh sq ft of space to RenewSys India, a solar photovoltaic module manufacturer. This space, located in Khalapur near Mumbai, was leased for a duration of 10 years at a monthly rent of Rs 10.43 million.

In January 2025, Mahindra Logistics Limited had leased 4.75 lakh sq ft of warehousing and logistics space in Khed, near Pune, for a total rental value of approximately Rs 730 million over five years. This space is located in Karanje Emerald Industrial Park.

In another notable transaction in March, Malpani Group revealed that it had signed a 10-year lease agreement with Tata Autocomp Katcon Exhaust Systems. The deal involved leasing 77,800 sq ft of space in Malpani Industrial and Logistics Park, situated in Chakan near Pune, for about Rs 400 million. This marks the second leasing agreement between Malpani Group and Tata.

News source: Hindustan Times