: Real estate developer Prestige Group and co-working office space provider Awfis have entered into a strategic partnership to add six new flexible office centres to their portfolio in Bengaluru, Chennai and Hyderabad.
Through this alliance, Awfis will offer more than 200,000 square feet of Grade-A flexible office spaces with total capacity of more than 4,000 seats within Prestige Group’s commercial properties in the three South Indian cities.
The revenue sharing strategic association has a tenure of six years with an extension clause.
“We intend to deepen this partnership with Prestige further and expand across other micro-markets and buildings,” said Amit Ramani, CEO and founder of Awfis. He said several large corporates and multi-national companies have been turning towards a hybrid model of work over the past two months, creating increasing demand for co-working spaces.
Juggy Marwaha, CEO of Prestige Office Ventures, said: “This partnership will help us to accelerate our plans to strengthen our office portfolio and increase our offering to our large clients, while leveraging the strength of Awfis’ proven credibility in the co-working space across India. Considering the evolving consumer needs in light of the pandemic, we are bullish on the scope of our association and the longevity of the co-working model in India.”
The companies said they will explore opportunities for more such centres in South, North and West India.
Prestige is adding nearly 6 million square feet to its portfolio in prime locations in Mumbai, like Worli and business district Bandra-Kurla Complex (BKC).
Of the six centres under the current agreement, four are in Bengaluru’s prime commercial locations — Whitefield (two), Koramangala, and Outer Ring Road — while the others are in Guindy, Chennai, and Begumpet, Hyderabad.
The partners will share expenses of fitout and interiors works that will commence as soon as these buildings are ready.
With this partnership with Prestige Group, Awfis will add 10% new capacity to its portfolio of 75 coworking centres and 40,000 seats across 11 cities in the country. The company is working on a plan to expand its total capacity to over 60,000 seats by December end including its independent expansion strategy and this tie-up.