Sunteck Realty has leased out 2 lakh square feet of space at one of its buildings in Mumbai to Upgrad Education Private Limited for a period of 29 years at a starting monthly rent of rupees 300 per square feet.
The real estate developer said that it expects revenue of rupees 2,000 crore to be generated over the entire tenure of the lease.
The building, Sunteck BKC51, is nearing completion and will be ready for possession by June this year, the company said. The building is located in Mumbai’s business district Bandra Kurla Complex.
Upgrad, which has Ronnie Screwvala as one of its founders, offers higher education courses in association with global and local universities and institutes.
JLL India was the advisor for the transaction.