Enterprise-focused managed office space provider Dev Accelerator (DevX) has acquired an entire 27-storey commercial office tower spread over 8 lakh sq ft in Ahmedabad in a deal worth over Rs 850 crore in total rentals, making it the largest coworking transaction in the country.The transaction is particularly significant as a deal of this size has been more likely to be completed in Ahmedabad than in India’s traditional office strongholds such as Mumbai, Bengaluru, Hyderabad, Delhi-NCR and Pune.
The transaction is structured as a long-term development management (DM) agreement rather than a conventional lease. The project is currently under construction and is expected to be completed in approximately 2.5 to three years.
“This reflects the shifting center of gravity in the Indian commercial real estate landscape towards fast-growing Tier II cities. Through our Development Management model, we are enabling non-institutional landowners to create world-class, Class A+ assets that global occupiers are increasingly seeking,” said Umesh Uttamchandani, MD, Developer accelerator.According to him, as Ahmedabad prepares for large-scale global events and the GCCs explore alternatives to saturated metro markets, this campus is positioned to play a defining role in the city’s economic trajectory.
Under the agreement, DevX will manage the entire lifecycle of the property, from planning and development to leasing and operation, in collaboration with the landowner.
The agreement has a term of 15 years, with DevX having a lock-in period of four years, while the developer is locked in for the entire term. Rents for the lease start at around Rs 4 crore per month and see an annual increase of 5%. The operator has also pledged a security deposit of around Rs 25 crore.
Located on the Ambli-Bopal Road micro market, an established premium residential and commercial corridor in Ahmedabad, the campus will be developed as a Grade A+ green building primarily targeting Global Capability Centers (GCCs) and corporate occupiers.
DevX plans to invest nearly Rs 100 crore over the next four years and expects the project to add around 8,500 seats to the city’s office ecosystem. Once completed, the facility is expected to generate over Rs 120 crore in annual revenue.
The deal reinforces the company’s strategy to expand in fast-growing Tier-II markets, where companies are increasingly evaluating alternatives to saturated metro office hubs.
DevX is already present in the same location. The operator had earlier completed a fully sub-leased managed office building of approximately 3.5 million sq ft in the Ambli-Bopal area. The 3,200-seater facility has achieved an occupancy rate of 95% and generates Rs 32 crore revenue from tenants including consulting, engineering and technology companies.
The company currently operates 28 centers across multiple Indian cities with over 17,200 seats and 1.21 million square feet under management.
Unlike traditional leasing models, the development management structure allows non-institutional landowners to monetize large plots of land, while operators create and operate institutional office platforms. Industry executives say such arrangements are gaining popularity as companies look for flexible, fully managed workplaces with predictable business standards.
The transaction highlights the growing maturity of India’s flexible workspace sector, where operators are increasingly moving beyond taking individual floors and controlling entire office buildings and campus-style developments.
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