Spaze Platinum Tower Office for Rent, Sector 47 Gurgaon

Spaze Platinum Tower is a finished office, retail and banking building of about 3.73 lakh sq ft in Malibu Town, Sector 47, on the main Gurgaon-Sohna Road. Spaze Group built it and completed it in 2013; floors are about 31,106 sq ft, spread over three basements of parking, and tenants include Avery Dennison, Atos, Everest Group and two bank branches. The row this page replaces printed a band of about Rs 60 to Rs 72 a month and named ABW alongside Spaze as the developer. The developer is Spaze alone, and no listing read supports Rs 72.

The working answer is about Rs 49 to Rs 65 per sq ft a month on super area. Bare-shell and large spaces are quoted at Rs 60 plus maintenance; the top of the range is a furnished office already let, not a quote to a new tenant.

What offices rent for, space by space

The arithmetic: Rs 45,000 over 911 is Rs 49.4; 700 x Rs 60 is Rs 42,000; 20,000 x Rs 60 is Rs 12,00,000; Rs 4,74,500 over 7,300 is Rs 65.0. The cheapest figure is for a small furnished office, which is unusual, because furnished space normally costs more. Either the furniture is basic or the landlord wants a quick letting; ask to see it before assuming the rest of the building will match. A 14,000 sq ft space is also on offer on a broker listing, without a published rent.

What a 1,000 or 5,000 sq ft office costs a month

Maintenance for this building is not published. A leasing site gives Rs 22 a month at Spaze iTech Park, the same developer's building on Sohna Road, so that is used below as a labelled placeholder, not as this building's rate. GST at 18 per cent is charged on commercial rent and usually on maintenance too.

• 1,000 sq ft at Rs 60: rent Rs 60,000, maintenance at Rs 22 another Rs 22,000, GST on both (18 per cent of Rs 82,000) Rs 14,760, so about Rs 96,760 a month before electricity. Six months' deposit on the rent is Rs 3,60,000.
• 5,000 sq ft at Rs 60: rent Rs 3,00,000, maintenance Rs 1,10,000, GST on both Rs 73,800, so about Rs 4,83,800 a month. Six months' deposit is Rs 18,00,000.
• A full floor of about 31,106 sq ft at Rs 60: rent Rs 18,66,360 a month before maintenance and tax.

Power back-up, electricity and parking are billed on top and were not published. A company claiming GST input credit recovers the tax, so for it the before-tax figures are the real cost: about Rs 82,000 a month for 1,000 sq ft.

Deposit, lock-in and escalation

The only lease whose terms are published is the 7,300 sq ft furnished office: a nine-year term, a three-year lock-in, 15 per cent escalation every three years, and six months' deposit. At that step-up, a Rs 60 starting rent becomes Rs 69 from year four and about Rs 79.4 from year seven (60 x 1.15 x 1.15). Over nine years that averages about Rs 69.5, so compare offers on the average, not the first-year rate. A tenant with a smaller space should ask for a shorter lock-in and a lower step-up; both are commonly negotiated.

Floor plates and fit-out

Floors of about 31,106 sq ft let well to a company that wants one large, open office, which few Sohna Road buildings can offer. Smaller tenants take subdivided units from about 700 sq ft. No carpet area was published for any unit here, so the loading cannot be worked out; ask for carpet and super area in writing and compare buildings on the carpet rate. A bare-shell unit needs partitions, ceilings, air-conditioning distribution and cabling; ask for rent-free months to cover the fit-out.

Who is in the building

Tenants named on listings include Avery Dennison, Atos, KCI Medical, Everest Group, HDFC Bank, IDFC First Bank and Barbeque Nation. It is a working corporate building with multinational back offices, banks at the base and a restaurant, with about 498 units on about 3.4 acres and parking for over 300 cars.

How it compares on Sohna Road

Platinum Tower sits in the middle of the road's range, with larger floors than most. Read more on JMD Megapolis, Universal Trade Tower and Spaze iTech Park. The road's other rentals are on Raheja Mall, ILD Trade Centre, the Sohna Road office page and Sector 47 offices. If you would rather own a unit here, the purchase side, with let units at Rs 13,000 to Rs 19,200 per sq ft, is on the Spaze Platinum Tower sale page.

The case against

The nearest metro station is about 6.9 km away, so a team without cars depends on cabs, buses or company transport, and Sohna Road is slow at peak hours. No maintenance rate is published, so any all-in figure is an estimate until the landlord writes it down. No carpet area is published either. And the building dates from 2013: ask about the age of the lifts, chillers and fire systems before a nine-year commitment.

Before you sign

1. The rate on vacant space, not what a sitting tenant pays on a let unit.
2. Carpet and super area, both in writing.
3. Maintenance: this building's rate, what it covers and how it is revised.
4. Deposit, lock-in and escalation: six months, three years and 15 per cent every three years are the figures to negotiate down.
5. Power: the sanctioned load, the back-up charge per unit and the hours covered.
6. Parking: how many car parks come with the space and what extra ones cost.
7. The landlord's title and the building's occupation certificate, since the unit may be owned by an investor rather than the developer.
8. Rent-free fit-out months for a bare-shell unit.

Frequently asked questions

What is the rent for office space in Spaze Platinum Tower?

About Rs 49 to Rs 65 per sq ft a month on super area. A 911 sq ft furnished office asks Rs 45,000 a month, about Rs 49; a coworking page quotes Rs 55; a 20,000 sq ft floor and a 700 sq ft bare-shell unit ask Rs 60 plus maintenance; and a 7,300 sq ft furnished office already let pays Rs 4,74,500, about Rs 65. No listing found supports Rs 72.

What are the maintenance charges in Spaze Platinum Tower?

No maintenance rate for Spaze Platinum Tower was published on any page read; the Rs 60 quotes say only 'plus maintenance'. A leasing site gives Rs 22 per sq ft a month at Spaze iTech Park, the same developer's building on Sohna Road, so budget about that until the landlord writes down this building's rate.

What deposit, lock-in and escalation does a lease in Spaze Platinum Tower carry?

The one lease with terms published, 7,300 sq ft let at about Rs 65, runs nine years with a three-year lock-in, a 15 per cent rent step-up every three years and a six-month security deposit. Treat that as the landlord's opening position, not a fixed rule.

Which companies are in Spaze Platinum Tower?

Tenants named on listings include Avery Dennison, Atos, KCI Medical, Everest Group, HDFC Bank, IDFC First Bank and Barbeque Nation. Banks and a restaurant sit at the base, offices above.

What office sizes can I rent in Spaze Platinum Tower?

From about 700 sq ft bare-shell units and a 911 sq ft furnished office up to a 14,000 sq ft space and a 20,000 sq ft eighth-floor space. A full floor is about 31,106 sq ft.

How far is Spaze Platinum Tower from the metro?

About 6.9 km from Millennium City Centre, the old HUDA City Centre station. It is a road-served building in Malibu Town, Sector 47, on the main Gurgaon-Sohna Road, so staff come by car, cab or bus.

Who owns Spaze Platinum Tower, and is it an ABW building?

The builder is Spaze Group, through Spaze Towers, which lists it on its own site; it was completed in 2013. It has no connection with ABW Tower, a separate office building at IFFCO Chowk on MG Road. This site's old row named both developers, which was wrong.