Lloyds Realty has signed a 15-year lease with Smartworks for its entire 182,300 sq ft commercial tower, The Square, in Mumbai’s Andheri East. The deal is expected to generate over ₹600 crore in rental revenue, strengthening the developer’s commercial portfolio while highlighting continued demand for premium managed office spaces.
Lloyds Realty Developers has secured more than ₹600 crore in projected rental revenue after signing a 15-year lease agreement with managed office provider Smartworks. The agreement covers the entire 182,300 sq ft of The Square, the company’s commercial office tower in Andheri East, Mumbai. The transaction reflects the continued strength of India’s commercial real estate market, where businesses are increasingly committing to long-term, high-quality office spaces that support future growth.
Landmark Deal Strengthens Commercial Portfolio
The long-term agreement gives Lloyds Realty a fully leased commercial asset while creating predictable rental income for the next 15 years. According to the company, the campus is expected to achieve full enterprise occupancy once operations begin, reinforcing demand for premium office developments in one of Mumbai’s key business districts.
Commenting on the transaction, Chairman and Managing Director Ravi Agarwal said, “It reflects the growing value of institutional-grade office developments that are strategically located, thoughtfully designed and capable of meeting the evolving requirements of large enterprises.” The statement highlights how occupiers continue to prioritise modern workplaces that combine accessibility, quality infrastructure and operational efficiency.
Enterprise Demand Continues to Drive Office Leasing
The lease also underlines the growing role of managed workspace operators in India’s office leasing market. As companies seek flexible yet professionally managed office environments, operators such as Smartworks continue expanding through long-term agreements for premium Grade A commercial assets.
Agarwal further added, “Achieving full occupancy at The Square through a long-term partnership with Smartworks strengthens the quality of our commercial portfolio while providing stable, long-term rental cash flows and greater earnings visibility.” The transaction demonstrates how long-term leases can improve income stability while enhancing the value of commercial real estate portfolios.
Future-Ready Asset Designed for Modern Businesses
Designed by Panthaki Architects, The Square features three basement levels, a ground floor and nine office floors. The building has been developed to meet the changing needs of large enterprises that increasingly require scalable, well-connected and high-quality office environments.
Lloyds Realty believes the project aligns with the broader shift towards institutional-grade office developments that support business expansion and employee experience. The company’s commercial strategy focuses on creating sustainable assets that generate recurring income while attracting leading enterprise occupiers.
Positive Outlook for India’s Office Market
The successful lease reflects strong confidence in the long-term fundamentals of India’s office sector despite evolving workplace models. Lloyds Realty, a subsidiary of Lloyds Enterprises, currently manages a portfolio valued at more than ₹23,500 crore across premium residential and commercial developments. The company has already delivered nearly 3 million sq ft of projects and has approximately 14 million sq ft under development.
Speaking about the company’s long-term vision, Agarwal said, “This milestone reinforces our confidence in the long-term fundamentals of India’s commercial real estate sector and our strategy of building a resilient, income-generating portfolio.” As enterprise demand for premium office spaces continues to grow, transactions like this are expected to strengthen Mumbai’s position as one of the country’s leading commercial real estate markets while supporting the expansion of India’s flexible workspace ecosystem.
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