Commercial/IT/ITES office space developer Nirlon Ltd. today signed a long-term leave and license agreement with J.P. Morgan, the global banking and financial services provider, for premium office space at Nirlon Knowledge Park (NKP) in Mumbai.
J.P. Morgan will take up approximately 1.15 million sq. ft. of office space that is expected to be delivered by the second quarter of 2021. NKP has a site area of 23 acres and is located on Mumbai's Western Express Highway in Goregaon. NKP houses some of the top global and Indian corporates with approximately 1.8 million square feet of IT/ITES office space already licensed.
Rahul Sagar, CEO and Executive Director, Nirlon Ltd., said: "We are delighted to conclude this transaction with J.P. Morgan. This development further consolidates Nirlon's position as a leading owner and operator of a world-class business park in Mumbai."
NKP is a USGBC LEED Gold and Platinum-rated park which will incorporate high standards in terms of sustainability to minimize the negative impact of buildings on the environment. It will provide employees with state-of-the-art office space within an ecologically friendly environment, with sustainable architecture as well as amenities such as a vehicle-free pedestrian zone, multi-cuisine cafeterias, a fitness center and creche facilities. Additionally, park users will benefit from the proposed metro rail station that will be located outside the park, providing important public transportation links.
Kalpana Morparia, Chairman, South and Southeast Asia, J.P. Morgan, said, "Mumbai is a critical hub for J.P. Morgan. Moving to Nirlon Knowledge Park helps us consolidate most of our offices in Mumbai into one location and also further demonstrates our long-term commitment to ensuring a world-class working environment for our employees."
Shares of NIRLON LTD. was last trading in BSE at Rs.282 as compared to the previous close of Rs. 268.3. The total number of shares traded during the day was 37361 in over 290 trades.
The stock hit an intraday high of Rs. 287 and intraday low of 269.1. The net turnover during the day was Rs. 10338448.