ICICI Prudential leases record-sized office space for expansion and relocation

In a major development, ICICI Prudential Life Insurance Company has acquired a substantial 252,000 square feet of office space in Mumbai’s Malad West suburb. This move marks the establishment of the insurance major’s largest back-office facility yet. The deal, completed through a structured agreement, includes the lease of four floors in the IT park Mindspace.

Largest Office Lease Transaction of the Year

Notably, this transaction is regarded as one of the largest office lease deals witnessed in India this year. With an occupancy period of five years, ICICI Prudential Life Insurance Company will pay a monthly rental of Rs 91.5 per square foot for the office space. Additionally, the lease agreement includes a provision to escalate rentals by 4% annually.

A Step Towards Expansion and Relocation

This new office space comes equipped with a seating capacity to accommodate approximately 2,400 employees. It will not only facilitate the company’s planned expansion but also serve as a relocation hub. ICICI Prudential currently conducts its back-office operations from an office in Malad East, which it has utilized for nearly a decade. With the new office space ready for use, the company intends to soon shift operations from the old premises.

Phased Approach to Office Space Acquisition

The acquisition of the office space will take place in two phases. This progressive approach aligns well with the company’s expansion plans and ensures a seamless transition of operations to the new premises. The move by ICICI Prudential Life Insurance to establish its largest back-office facility signifies its focus on enhancing operational efficiency and scaling its businesses. The selection of Mindspace in Mumbai’s Malad West suburb provides strategic advantages due to its excellent infrastructure, proximity to valuable resources, and thriving business ecosystem. With its latest move, the company aims to strengthen its capabilities in providing effective back-office operations while prioritizing scalable growth and satisfying the evolving needs of its customer base.

Sumit Mondal Content Analyst at Square Yards
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