24th March 2022: India’s leading real estate advisory firm, Realistic Realtors has successfully facilitated the largest managed office space transaction in Gujarat. The company, being the sole consultant to all three parties, has transacted the area of 70,000 sq. ft. in Ahmedabad, Gujarat. The tri-party agreement has been facilitated between Sun Builders Group, The Address, and US-headquartered Analytix Business Solutions (I) Pvt. Ltd. The property Sun Westbank, developed by Sun Builders Group, is located at Ashram Road, the business heart of Ahmedabad. The duration of the contract period is 9 years.
Gujarat’s largest co-working and serviced office space provider, The Address has added 70,000 sq. ft. of a super built-up area at Sun Westbank, which is further taken on lease by the renowned outsourced solutions provider Analytix Business Solutions with a seating capacity of around 1,000 people.
Realistic Realtors, which is renowned and recognized in the Indian real estate industry for its end-to-end, specialized Leasing and Investment advisory services, has performed the role of consultant to all three parties in concluding the transaction.
Mr. Manoj Jain, Head- Transactions, Realistic Realtors shared about the development and said “We are excited to have facilitated the biggest deal till date for a managed office space in Gujarat. This was a deal of pure patience, and we, as a facilitator, ensured the best interest of all three parties and mutually aligned them to see this transaction mature. We foresee the state-of-the-art facility that shall be provided to ‘Analytix Business Solutions’ with the combined efforts of ‘The Address’ and ‘Sun Builders’. This deal post-COVID shall give a lot of boost and confidence in the commercial real estate segment of Ahmedabad as well”.
Mr. Nikit Shah, Assistant Vice President, Realistic Realtors shared “The last two years were challenging due to pandemic as commercial space requirements were declining at a rapid pace. Transactions of such quantum will surely bring back that confidence in the market. Tri-party transactions contain multiple complexities and thus, a consultant’s role is crucial as they have to ensure a win-win for all. We received infinite support from all the three parties ensuring the successful closure of the transaction.”
Commenting on the transaction, Mr. Yash Shah, Founder & CEO, The Address said “We are very happy to make this deal and it will strengthen our position in the market. Leaving the Covid-19 fear and impact, the markets have made a strong comeback and we are very bullish to expand our operation in near future. We have ambitious plans for the next three years and are eying to increase our footprints and client base with a great team and leadership hiring that has joined us. This deal will pull confidence for various companies to come and take advantage of managed offices space concept.”
Mr. Rajiv P Bhatia, President & Country Head, Analytix Business Solutions (I) Pvt. Ltd. said “As we embark on this most exciting journey of continuous expansion and growth, we are delighted to be associated with the best partners to enable us in this journey—Sun Builders, The Address, and Realistic Realtors. Together with these associates, we hope to create a truly world-class, state-of-the-art delivery center that will provide cutting-edge outsourcing and transformational services to clients across the US and other parts of the world. This center will further strengthen the position of Gujarat as a premier provider of IT/ITES services with talent and facilities second to none.”
The demand for co-working and managed office spaces have been mushrooming over the last few years signaling the paradigm shift in the growth trajectory of office space requirements in metro cities within Tier 2 and 3 cities. Co-working space segment has emerged as the fastest-growing asset class within the office space industry. Flexibility at the workplace leading to the adoption of hybrid work models, burgeoning start-up ecosystem, and rising entrepreneurial culture are some of the catalysts that are stimulating the demand for co-working spaces in India. Such transactions in tier 2 and 3 cities will further develop more avenues of growth and demand in the real estate sector, besides creating employment opportunities for youth.
