IDBI Federal Life Buys Rs 111-Crore Office Space

New Delhi: IDBI Federal Life has purchased office space for Rs 111 crore in Marathon Realty’s commercial project at Lower Parel in Mumbai.

It has acquired around 61,720 square feet office space spread over two floors in the project ‘Marathon Futurex’.

“IDBI Federal Life Insurance Company Ltd has bought commercial space worth over Rs 111 crore at Marathon Futurex in Lower Parel in Mumbai,” the realty firm said.

The deal was registered last week, it said in a statement.

The 450 employees of IDBI Federal Life will occupy the offices on 22nd and 23rd floors of the tower.

The deal works out at around Rs 18,000 per square foot and falls within the ongoing property rates for outright transactions.

“This is one of the biggest commercial realty deals in the recent time which instills the hope that commercial real estate is on track,” Marathon Group MD Mayur Shah said.

Mumbai-based Marathon Realty is developing this eight lakh square feet office building in three phases, of which two phases of 24 floors each have already been completed.

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, Federal Bank and Ageas, a multinational insurance giant based out of Europe.

In Marathon Futurex project, Hindustan Petroleum Corporation and its subsidiary Hindustan Colas bought office space for Rs 120 crore last year.

Essel Group had acquired 2.20 lakh square feet commercial space for Rs 400 crore, the company said.