Mumbai-based real estate developer Lloyds Realty Developers has signed a 15-year lease agreement with managed office platform Smartworks Coworking Spaces, securing estimated rental revenue of more than ₹600 crore over the tenure. According to reports from Business Standard, the company has leased the entire 182,300 square feet of The Square, its commercial tower in Andheri East in the Mumbai metropolitan region (MMR).
As reported by Business Standard, Lloyds Realty stated that the transaction reflected sustained enterprise demand for prime institutional workspaces across key Mumbai business hubs. The company emphasized that by securing long-term rental revenue, Lloyds Realty strengthens its commercial portfolio cash flow and market positioning. The campus is expected to accommodate full occupancy of enterprise seats once fully operational.
According to Business Standard, Ravi Agarwal, chairman and managing director of Lloyds Realty Developers, described the transaction as going beyond the leasing of a commercial asset. Agarwal stated that it reflects the growing value of institutional-grade office developments that are strategically located, thoughtfully designed and capable of meeting the evolving requirements of large enterprises. He added that achieving full occupancy at The Square through a long-term partnership with Smartworks strengthens the quality of their commercial portfolio while providing stable, long-term rental cash flows and greater earnings visibility.
As reported by Business Standard, The Square comprises three basement levels, a ground floor and nine office floors, designed by Panthaki Architects. The long-term lease is expected to strengthen Lloyds Realty's income-generating commercial portfolio and provide greater visibility over future cash flows. The company has a portfolio valued at more than ₹23,500 crore across premium residential and commercial projects.
According to Business Standard, Lloyds Realty Developers, a subsidiary of Lloyds Enterprises, has delivered nearly 3 million square feet of residential and commercial projects across Mumbai, Thane, Pune and Tirupur, with approximately 14 million square feet under development. Agarwal stated that as the company expanded its real estate platform across Mumbai, it would remain focused on creating high-quality assets that generated sustainable value for occupiers, investors and shareholders. He reinforced confidence in the long-term fundamentals of India's commercial real estate sector and their strategy of building a resilient, income-generating portfolio.
