Abbott plans to use the space as its corporate office, bringing together all of its business in the city at one location. This is a part of the company's deepening commitment in India, Abbott said in a statement.
    
It will house more than 1,500 employees. The company expects to occupying this building from 2016.
    
In a filing to the BSE, Godrej Properties yesterday announced that "the company has entered into a transaction for selling 4,35,000 sq ft of saleable area at its commercial project Godrej BKC in Bandra Kulra Complex (BKC) Mumbai to a single user for a total consideration of Rs 1,479 crore."
    
This is the highest ever value for any single end-user commercial real estate transaction in India, it added.
    
"This deal will be an important driver of our plans to unlock capital invested in our commercial portfolio and will hasten the pace of our growth going forward," Godrej Properties MD & CEO Pirojsha Godrej said.
    
In a separate statement, Abbott Chairman and CEO Miles D White said, "India is one of the most important places in the world for Abbott, and we're investing here accordingly. We
intend to be a strong, committed, and contributing part of India's future."
    
Godrej BKC, which is being developed in partnership with Jet Airways, is a large high-end commercial project with about 1.3 million sq ft of saleable area. This project would be
completed and be ready for occupancy by mid-2016.
    
The company said 'Godrej BKC' project has been planned as the country's premier office address. Larsen & Toubro (L&T) is constructing the project.

 

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