3M India has signed an agreement to establish its headquarter at WeWork’s Prestige Central building in Bengaluru
Coworking major WeWork India has given 17,000 sq ft office space in Bengaluru to US-based technology firm 3M’s Indian subsidiary amid the rising demand of flexible workspace from large corporates. 3M India has signed an agreement to establish its headquarter at WeWork’s Prestige Central building in Bengaluru. The technology firm has taken a 17,000 sq ft area of flexible workspace for a two-year period for around 400 employees, WeWork India told PTI.
With enterprises forming over 60 percent of its member base, WeWork said this deal reaffirms the potential created by the consistently rising demand for flexible workspaces amongst enterprises. ‘In recent times we have seen an increased demand from all businesses, especially leading enterprises such as 3M who have recognized the inherent value offered by the flexible workspace model,’ said Santosh Martin, Chief Revenue Officer, WeWork India.
Sandhya Ganapathy, 3M India Head of Corporate Communications, Security and Real Estate, said, keeping in mind the rapidly evolving dynamics around the concept of the workplace, 3M India took bold and decisive action to move into WeWork. This arrangement offers convenience and flexibility for the company’s employees in a contemporary and safe environment, Ganapathy said.
With this deal, employees have ensured an easier transition back to the workplace, with the added benefits of WeWork’s amenities such as health and safety measures, technology support, conference rooms, parking, common areas, and such. WeWork Global had in 2017 partnered with Bengaluru-based realty firm Embassy Group to enter the Indian market. It has a portfolio of over 5 million sq ft in 35 locations, across NCR, Mumbai, Bengaluru, Pune, and Hyderabad.
In June last year, WeWork Global had invested USD 100 million (about Rs 750 crore) in WeWork India. Embassy Group is one of the major players in the Indian real estate market. It has also launched the country’s first real estate investment trust.
Source: Business World