French Company Technicolor Creative Studios Leases 1 Lakh Sq Ft Office in One International Center, Lower Parel

Technicolor Creative Studios Leases Office in One International Center, Lower Parel

Lower Parel, South Mumbai:

According to commercial real estate sources in Mumbai, Technicolor Creative Studios, one of the largest VEX and special effects companies, has signed a long-term lease for office space spanning over 1 lakh square feet across two floors in Blackstone Group entity Nucleus Office Parks' commercial complex One International Center in Lower Parel, South Mumbai.

This is the greatest sale for a single office in Lower Parel's micromarket in recent years.

The French company, whose credits include the Oscar-winning film 1917, the Oscar-nominated remake of The Lion King, and Harry Potter and the Chamber of Secrets, among many others, holds a hard option to expand the office by 50,000 square feet, exercisable within six months at a predetermined rental rate.

The lease term will continue for five years, and the corporation may extend it for an additional five years, bringing the total term to ten. Technicolor Creative Studios will pay $1.53 per square foot per month, exclusive of common area maintenance fees, for office space.

The leasing agreement stipulates that rents would increase by 15% after three years.

Recently, the sale was finalised, and the firm has already begun its fit-out work, which is likely to be finished within the following weeks.

In April or May of 2023, Technicolor is anticipated to move into this new office in Lower Parel.

Technicolor Creative Studios has leased the commercial complex's fifth level, which spans three linked buildings T1, T2, and T3.