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Sun Pharma buys StanChart tower

Standrard Chartered Bank’s office building in suburban Goregaon of Mumbai is being bought by drug maker Sun Pharmaceutical for Rs 280 crore. According to real estate sources, the building known as Standard Chartered Tower, with ground plus six upper floors, has total built-up space of 2.20 lakh sq ft, including two basements. The deal is valued at Rs 12,700 per sq ft on a built-up space basis. Apart from the main commercial building itself, the property also includes an independent clubhouse with gymnasium and swimming pool facilities and parking space for total 177 cars. The property is part of the Raheja Titanium Complex and built over a total land parcel of around 1.8 acre on the western express highway. The commercial tower until now housed back-office operations of the bank’s consumer banking division and other support staff. For now, Sun Pharma is planning to shift some operations from its headquarters in the Andheri suburb of Mumbai to this new office building. The bank had acquired the property from its developer K Raheja Universal in 2007 for Rs 325 crore at the peak of property market cycle.

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