Embassy 247 is a freehold, Grade A city-center office building located in the Peripheral Business District East submarket of Mumbai, an emerging location for corporates due to its well-planned infrastructure and proximity to residential areas. It is well positioned in the submarket and has excellent transport connectivity with multiple metro and suburban railways stations in close proximity. This is a key differentiating factor, given an increasing focus by corporate occupiers on the ease of commute for their employees.
The property is IGBC LEED Gold rated and comprises three high quality office blocks totaling 1.1 msf and includes state-of-the-art infrastructure, a large format retail departmental store on its ground floor, a recently revamped food court and open landscaped areas and public spaces at the podium. It has a Committed Occupancy of 80.9% with a diversified tenant mix of well-known international and domestic brands, including Maersk Tankers India Private Limited, Future Retail Limited and DHL Logistics Private Limited. A comprehensive upgrade program over the last two years, coupled with the addition of WeWork India Management Private Limited as a major occupier, has led to the asset being repositioned as a new-age corporate destination.
ASSET ENHANCEMENT AND INFRASTRUCTURE UPGRADE INITIATIVE
Phase I of the park upgrade was recently completed and we have added a new food court, open landscaped areas and refurbished lobbies.
We are currently revamping the building’s exterior façade, which will further enhance the visual appeal of the asset. Additionally, the planned upgrade of the retail store on the ground floor to a high-end popular format of the same tenant is expected to be completed in FY2019 which is likely to further consolidate the asset’s position as a premium building in this submarket.