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Express Towers valued at Rs 975 cr

MUMBAI:  Express Towers, the iconic building standing tall at the Marine Drive in Mumbai and best known as the headquarters of The Indian Express, is valued at Rs 975 crore (Rs 9.75 billion).

The building, with 25 levels of office space and area of around 400,000 square feet, was built by late Ramnath Goenka, founder of the Indian Express group, in 1972. Goenka’s aim was to build the tallest tower in South Asia, which it became on completion and remained for another two years.

express tower nariman pointIt was the first high-rise to be built on the reclaimed land of Nariman Point. Express Tower was designed by noted American architect and Padma Shri awardee Joseph Allen Stein.

At the beginning of the fiscal, private equity fund Blackstone Group-backed Pune-based real estate developer Panchshil Realty bought out about 384,000 square feet of the total leasable area in the building from ICICI Ventures, which owned 49 per cent, and the rest from Indian Express CMD Viveck Goenka and former editor-in-chief Shekhar Gupta.

Goenka and Gupta, however, continue to have a small stake in the property.

Incidentally, the deal was valued at Rs 870 crore (Rs 8.70 billion), Rs 100 crore (Rs 1 billion) less than the actual value of the building as it excludes the top-floor penthouse of Goenka, restaurants owned by the Goenka family and the Express Group offices.

At present, the building has offices of McKinsey & Co, Blackstone Group, Ernst & Young, Warburg Pincus, Temasek and General Atlantic Partners apart from the Indian Express.

In 2008 ICICI Ventures had picked up a 49 per cent stake in the building for Rs 358 crore (Rs 3.58 billion).or-in-Chief