ICICI Prudential Life Leases 2.52 Lakh Sq Ft Office Space in Mumbai

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    ICICI Prudential Life Insurance Company has secured a large office space of 252,000 square feet in Mumbai’s Mindspace IT Park, located in the Malad West area. This new facility will serve as the company’s largest back-office setup.

    The lease agreement, signed for a duration of five years, encompasses four floors within the IT park. The monthly rental cost for this space amounts to Rs 91.5 per square foot, with a provision for a 4% annual increase in rent.

    With a capacity to accommodate up to 2,400 employees, the new office space will facilitate the company’s expansion and relocation efforts. The lease agreement was finalized and registered earlier this week. Currently, ICICI Prudential Life Insurance operates its back-office functions from an office in Malad East, which has been in operation for nearly ten years. Plans are underway to transition operations to the new premises in the near future.

    The acquisition of the office space will occur in two phases as existing tenants vacate the premises. Additionally, ICICI Prudential Life Insurance will have access to 231 parking slots within the Prism Towers building.

    Also read: Godrej Properties Acquires Land in Hyderabad for a Major Rs 1,300 Crore Residential Project

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