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Multinational pharma major Sanofi has sold about 37,210 square feet office space in Hoechst House in Nariman Point to a private firm Bright Star Investments and its group companies for Rs 134.2 crore.
Consultants say given that Nariman Point has high vacancy of over 25% and has seen very few deals in the recent past, this might be a good deal for Sanofi.
"It is a depressed market. Sanofi has got good rate given that the building commands rate of Rs 275 to Rs 300 per sq ft," said Raja Seetharaman, managing director, Aperon Realty.
Sanofi has sold five floors and corresponding car parking in the building and each floor has total space of 7,442 square feet. "All the floors have presently been given out on leave and license basis by the company to various third parties," Sanofi said in a statement to the BSE.
Sanofi last year acquired 150,000 sq ft of office space from L&T Realty's project in Powai, a suburb in Mumbai, for 220 crore.
The transaction is expected to be completed in the quarter ending December 31, 2014.
Sanofi India stock ended the day at Rs 3,485, about 1.10% down from Monday's close.
