Case Studies

Case Studies

The tenant representation specialists in our global organization represent tenants and end users of all sizes, in every industry. Below are the case studies of some clients whom our members have been honored to serve.

Client: Canon

Location: Gurgaon (NCR of Delhi)
Nature of Assignment: This Japanese major in office copiers and images intended to relocate and expand their software and corporate office in NCR of Delhi combined with a small studio on the ground floor to showcase their equipments.
Value Add: We introduced Canon to some upcoming developments in Gurgaon where the space could be customized as well as they could choose the space to suit their requirement. Since they were an anchor tenant to the building, we were able to achieve a competitive rent for the space and also capped the rent increments to a minimum.
Size: 40,000 sq.ft.
Status: Canon has been enjoying the space and the visibility it has generated being on the NH-8 has added value to their brand. Now it has become a landmark building.

Client: Baxter India Healthcare Ltd.

Location: Manesar (NCR of Delhi)
Nature of Assignment: To identify an industrial site of about 500,000 sq.ft (12 acres) in North India, to enable Baxter to set up their CAPD bags manufacturing unit.
Value Add: We studied about 6 industrial estates in four states of North India and submitted a comparative report to the client, which enabled the client to take an informed decision on the location, the various incentives offered by different state Governments. Following this, Baxter decided to buy a land parcel of 500,000 sq.ft. in Manesar, near Delhi the entire process of which including negotiations, deal structuring, documentation was facilitated..
Size: Land of 10 acres and building area of 200,000 sq.ft.
Status: Assignment completed successfully and Baxter has been operating out of this facility.

Client: Emerson Engineering Design Centre (EDEC) Emerson Climate Technologies (ECT) Emerson Export Engineering Centre (EEEC)

Location: Pune
Nature of Assignment: TEDEC & EEEC intended to consolidate its operations in Pune, Maharashtra by going into a campus facility. EDEC is into design and lab testing of compressors required for air-conditioners etc while EEEC is into export of software. So they wanted to have a composite unit to house both the design centre, corporate office and the laboratory with special requirements. Ideally they wanted to purchase the land and then build it on their own or have a developer to make a build-to-suit facility for them and purchase it or enter into a long-term lease. The area requirement for EDEC was about 4 to 5 acres of land to build about 250,000 sq.ft. of lab cum office space while that for EEEC was 125,000 sq.ft. of built-to-suit in the CBD of Pune.
Value Add: We surveyed the entire Pune market and submitted various possible options to meet the client’s requirement. A comprehensive comparative analysis was submitted to the client of all the options including EHS issues. Based on our study, the client was able to zero down on two options for negotiations and ultimately finalised a location in Hinjewadi after simultaneous negotiations with both the developers. EDEC decided to go for a long term lease. For EEEC we identified an ongoing project which was later customized for them.
Size: 250,000 sft. for EDEC & ECT and 125,000 sft. for EEEC
Status: The project successfully executed and all the companies are enjoying the facility.

Client: NetApp India Pvt. Ltd.

Location: New Delhi
Nature of Assignment: NetApp intended to expand and re-locate its Corporate Office in New Delhi. The challenge was to identify a state-of-the-art building with all facilities in place and at the same time to meet NetApp’s stringent security & EHS requirements.
Value Add: We leveraged our database across Delhi and showcased series of grade A buildings including each of the benefits and disadvantages, which made it easier for NetApp to decide on the building based on the connectivity, visibility, facilities etc.
Size: 10,000 sq.ft.
Status: NetApp is happy with the facility and their employees are also happy as it is a central location with metro connectivity in place to the location.

Client: MDeverywhere Inc

Location: Noida (NCR of Delhi)
Nature of Assignment: This US major in clinical insurance intended to expand and relocate in the NCR of Delhi. The challenge was to identify a fully furnished facility or identify a building wherein the landlord was willing to furnish it for them as per their requirement. The other challenge was that the space takes care of their future requirement but at the same time the extra space to be taken out from the market.
Value Add: We had some fantastic landlord relationship which it brought it to the fore while identifying a suitable building. We convinced the landlord to carry out the fit-outs as well as secure the additional floors in the building for future use of the tenant without any extra burden on the client. The fully fitted out facility was delivered on schedule and the transition was smooth without hampering the functioning of the client as they are a 24x7 company.
Size: 30,000 sq.ft.

Client: CSC

Location: Noida (NCR of Delhi)
 
Nature of Assignment: CSC intended to expand and consolidate all its operations in Noida into a large campus facility. They were on the lookout for a land parcel of about 10 acres in the institutional zone for the same.
 
Value Add: We brought our land database and landlord relationship to the table. We were able to offer an exclusive piece of prime land to suit CSCs requirement. This was not in the market. Now, they wanted a developer to build the facility for them. The developer had to be creditworthy and to have developed similar facilities in India. We identified land owner and introduced them to CSC and the landlord and a JV agreement executed. DLF built the facility of 1 million within the scheduled time frame.
 
Size: 10 acres land on which 1 million sq.ft. of development was done by DLF.
 
Status: CSC is occupying this campus for the last 8 years and it has become a landmark building in the location.

Client: Herbalife India

Location: Bangalore, Mumbai
 
Nature Of Assignment:

1) Herbalife India was in the process of expanding, consolidating and space retention mode in many locations in India. The initial assignment was to add to their existing office in Bangalore & relocate an office in Mumbai. The challenge was to offer a facility which is close to their existing facility and also would serve as an office-cum-distribution centre-cum-warehousing, but at the same time to have visibility. 

2) Herbalife also intended to continue the lease of their corporate office in Bangalore, but at the same time wanted the landlord to carry out the tenant improvement works. The challenge here was to make the LL agree to improve the buildings and facilities, but also to have flexibility in terms of lock-in-period, annual rent increments etc.

Value Add:

1) We leveraged our data base of properties and relationship with various landlords/developers and offered most suitable facility in Bangalore & Mumbai, close to their existing corporate & regional offices. The facilities were such that Herbalife was able to operate all their functions listed above with ease for truck loading & unloading etc. in the heart of the city. The deal was negotiated and structured at rates well below the market rates with value adds such as additional car parking space, sufficient rent free period etc. 

2) We negotiated lease renewal with the landlords keeping in mind the demands of t he client with respect to flexibility in terms of lock-ins and rent increments, but also ensured that all the tenant improvements would be carried out by the LL. Over & above this, we were able to negotiate on the rentals and bring it down by almost 20% on a y-o-y basis. 

 
Size: 2,50,000 sq.ft. at three different locations as per its requirement.
 
Status: Herbalife is delighted at the value add that we were able to achieve in all the assignments which they had not imagined or given up.

Client: ebookers

Location: New Delhi
 
Nature of Assignment: ebookers, the UK based major in travel portal wanted to expand its operations in New Delhi and were looking to lease space close to their existing facility in Okhla-III. The peculiar legal/statutory clauses were confusing and ebookers had no clarity on the matter of land use patterns prevailing in the location to operate their 24x7 call centre.
 
Value Add: Our team brought to the table their vast experience of the zone having delivered multiple transactions in that particular location. The legal & statutory laws & requirements were explained to the client in detail which made it very simple for the client. The vast database and the landlord relationship of We were always there to identify a suitable standalone signature building for the client in the same vicinity. Also the deal structured for future expansions without ebookers really having to l ockup their deposit/capital on furnishing. The requisite budget on rent was also achieved by good negotiations of the team.
 
Size: 100,000 sq.ft.

Client: IMS health

Location: Bangalore
 
Nature Of Assignment: IMS health intended to consolidate it’s facilities in Bangalore on immediate basis. The challenge was to identify a state-of-the-art and international standard facility in very close proximity to their existing facility. They intended to acquire the building.
 
Value Add: We leveraged our database across Bangalore south micro market and showcased best of grade A facilities including each of the benefits and disadvantages, which made it easier for IMS to decide on the facility based on the immediate occupancy, economics viability, location and infrastructure facilities etc and the acquisition was completed in a record 4-months time frame against an anticipated timelines of 7-8 months.
 
Size: 4,00,000 sq.ft.
 
Status: IMS is happy with the facility

Client: Johnson Controls

Location: Various locations in India

Nature of Assignment: The client had multiple office space requirements for its various business verticals.
 
Value add: Being a global diversified technology and industrial leader serving in more than 150 countries across the world, they were very sensitive in selection of properties in terms of ambience, vicinity, connectivity to various modes of transportation. Moreover, their expectation was to have a plug and play facility and that too in shoe string budget. We rendered our expertise to Johnson Controls in not only identifying the suitable property options for the different business verticals across various cities but also rendered real estate expertise in finalization of properties.
 
Size: 15,000 sq.ft. (Noida), 6,000 sq.ft. (Noida)
         25,000 sq.ft. (Gurgaon). 200,000 sq.ft. (Pune)
 
Status: All the business verticals of Jonson Controls India are enjoying the facilities with complete satisfaction.

Client: Emerson - Virgo

Location: Chennai

Nature of Assignment: Disposal of SEZ facility

Preamble to the Assignment: Emerson acquired the Vales & Controls business of Virgo in India couple of years back. The Chennai Special Economic Zone (SEZ) manufacturing facility was part of that acquisition. Emerson decided to dispose the facility and hired Indus for the job.

SEZ is still new in India and many companies are still setting up manufacturing, technology, software and R&D labs in these parks and availing many incentives announced by the Government of India. So this was the first time that a company had decided to exit the SEZ park and put the facility on the block.

Value Add: The job for Indus was cut out – to identify a suitable purchaser who intends to set up a manufacturing facility in a SEZ.
The location of this SEZ was very remote (about 2 hours driving from Chennai) and very difficult to attract any investors, as there were many SEZs very close to Chennai. Indus explored all possible manufacturers through its data base and started talking to them. After a series of marketing campaign for over 3 months, Indus succeeded in identifying a suitable match for the property, a German manufacturer of Kitchen equipments. Indus represented Emerson in terms of presentations, commercial negotiations & documentation.

The major challenge here was to structure the transaction as the land was under lease from the SEZ developer to Emerson and there were many restrictions/caveats in selling the land with building. The land had to be surrendered back to the developer at no cost and the developer was at liberty to pick or not pick the superstructure. So this was a tricky situation we were in. At the same time, the purchaser wanted a clean deal and also have rights on the land & building for the purpose of mortgage and availing depreciations in their books of accounts. The SEZ commissioner did not have clear cut guide lines for sale of a property in a SEZ park and we had to educate them as to the structure of the transaction. After many rounds of discussions with the top executives & commissioners of SEZ, they were convinced with the documentation structure. However, the developer had different ideas. He sensed this opportunity and wanted to take advantage of the situation to make some quick bucks. However, Indus – with expertise in handling this type of situations, teamed up with the legal advisors of Emerson and structured an air-tight binding deal with all parties, to majorly mitigate any such attempts by the developer in such a manner that the expectations of all the parties were met. The structuring and documentations (4 agreements and MoUs) all to be executed and registered on the same day with all the parties present was also a major challenge, which was accomplished with pre-planning. The entire assignment took 15 months for closure.

Size: 15 acres of land with 200,000 sft of industrial manufacturing facility

Status: Emerson was extremely pleased with this transaction and appreciated our involvement & patience and the continuous advice they received over the length of the transaction. (testimonial attached). Based on this success, Emerson has awarded Indus with two more disposal assignments – One in Coimbatore, which is a 25-acre land with 300,000 sft manufacturing facility and the Second one in Chennai, which is a 7 acres of land with 100,000 sft facility. Both these assignments are currently ongoing.

Client: Guardian

Location: Gurugram, Mumbai, Noida

Nature of Assignment: The client had acquired a business from another US company and needed to relocate the acquired staff to new locations in a time bound manner.
 
Value add: Since it was an acquisition, the whole process was supposed to be carried out with great level of discretion and in a precise time bound manner. The transactions were carried out in all the 3 cities simultaneously and with great precision. Various options were showcased and the final properties which were chosen were transacted at below market rates and in record time.

Size: 15,000 sq.ft. (Mumbai), 6,000 sq.ft. (Noida)
           80,000 sq.ft. (Gurugram).  

Status: All the locations were closed in time and the staff moved in and are enjoying the facilities with complete satisfaction.