Streaming services provider Netflix has taken on a five-year lease for around 1.4 lakh square feet of space in Mumbai’s Bandra Kurla Complex at a monthly rent of ₹312.69 per square feet.
It has taken space on the 11th and 12th floors of Godrej BKC building. The landlord is D’Decor Properties.
Under the terms of the agreement Netflix will be running business support services from the premises. The documents were made available by FloorTap.com.
Colliers, the transaction advisor, did not comment on the deal.
According to the contract, Netflix has an initial lock-in of 36 months from the commencement date while D’Decor is locked-in for the entire duration of the lease. The monthly rent outgo comes to ₹2.15 crore. The rate will rise 5 per cent annually.
A security deposit of ₹13.5 crore has been paid by Netflix.