German publisher Springer Nature leases 1.1 lakh sq ft office for Rs 140 crore in Pune

Germany-based global research publisher Springer Nature Group has taken on lease 1.1 lakh square feet office space in Pune for 10 years with a total rental payout of $17 million (about Rs 140 crore).

Real estate consultant JLL India facilitated the deal.

In a statement, JLL said that Springer Nature Group has leased an office space at Gera Commerzone, business park in Kharadi, Pune. The business park is jointly owned by Mindspace Business Park REIT and realty firm Gera Developments.

The 1.1 lakh square feet office space will span across two floors of the massive 7,00,000 square feet building. Springer Nature has the option to take up an additional 56,000 square feet for further expansion.

The total transaction size of 1.1 lakh square feet is valued at approximately $17 million, for a period of 10 years.

"The decision to relocate to Kharadi was a strategic move for us, as we were seeking an office space that would align with our vision, values and hybrid ways of working," Matthias Wissel, CEO of Springer Nature Technology and Publishing Solutions, said.

"Our campus at Kharadi is a testament to our commitment to building a world-class environment that prioritises sustainability, safety, and health," Vinod Rohira, CEO of Mindspace Business Park REIT, said.

"Kharadi is now a preferred location for corporate occupiers owing to the excellent social infrastructure, top-notch schools, hospitals, and residential communities, coupled with excellent connectivity and proximity to the airport," Sanjay Bajaj, Managing Director-Pune at JLL, said.

Office space supply in the micro market is set to reach 25 million square feet in 3-4 years with GIC (Global In-House Centre), captives, and shared services being the key growth drivers, he said.

Springer Nature is a global scientific research publishing company with 10,000 employees and over 200 offices in 50-plus countries.