While WPP India country manager CVL Srinivas confirmed that a deal has taken place, persons cited earlier said the lease rentals are set at Rs 125 per sq ft a month and the agreement has a 15% upward rental reset clause every three years.
The move is in line with WPP’s strategy of creating campuses in key cities and will help the company consolidate its businesses, including those of larger group companies Group M, IMRB and O&M, according to Srinivas.
“The plan to establish the WPP Mumbai Campus is in line with our global strategy of establishing WPP campuses in key cities. India is a leading growth market for WPP,” Srinivas said. “To support our already strong local presence, we are developing an exciting new workspace that will help to drive more collaboration and enable our clients to have the best access to our talent and work.”
These WPP group companies will be vacating their current offices at Oberoi Commerz in Goregaon and Lower Parel’s Peninsula corporate park to shift to the new building.
The majority of WPP’s Mumbai businesses will be housed in this building and the company is targeting the second half of 2019 to complete the move, said Srinivas.
ET’s email query to K Raheja Corp remained unanswered until the time of going to press. Transaction advisor JLL India declined to comment.
As part of its global campus co-location strategy, apart from the newly leased office, the company will soon be signing a similar lease for its Gurgaon office, sources said.
In India, WPP Group employs close to 20,000 people across Mumbai, Delhi, Bengaluru, Chennai, Kolkata and Hyderabad, besides a few other cities.