Swedish telecom equipment maker Ericsson has signed pacts to lease up to 525,000 square feet of office space from Skootr at the Vatika One on One building in Gurgaon, in one of the biggest managed workspace deals in the country, three people aware of the development said.
The company has signed an agreement to lease about 325,000 sq ft for immediate move-in and kept the right of first refusal for another 200,000 sq ft.
“Ericsson already has two offices in Gurgaon, and the decision to take a large office with a manager and office space provider has highlighted the demand for managed and flexible space in the country. The company has also signed a 5-year lock-in, which is also very rare in the industry,” said one person aware of the development.
According to another person, the builder, Vatika, will deliver the first phase of the building to Skootr in 3-6 months, and it will take another 3-4 months for the managed workspace provider to do the fit-out and get the office ready for Ericsson.
Skootr and Vatika declined to comment, while Ericsson did not respond to an emailed query.
Skootr had earlier said that it aimed to add 1.5 million square feet of space in the ongoing fiscal 2024 as demand for managed space has grown multi-fold since Covid subsided.
Skootr has recently leased 100,000 sq ft spread across two floors in Max Square, Max Estates’ latest project in Noida, and plans to add 500,000 sq ft in the National Capital Region in a year.
With the increase in demand for flexibility, occupiers are drifting towards the managed office segment, looking for office solutions that can accommodate their changing needs and that can be easily scaled up or down as required.
