Sun Life

The Need

Sun Life Financial decided in 2005 to commence its operations in NCR. Before creating the base at a particular location, the management team wanted to visit and analyze options in entire Delhi, Noida and Gurgaon. Also a detailed study was also required on comparative analysis between Leasing vs. Outright Purchase. All the recommendations were to be given based on constant expansion plans and flexibility of acquiring BCP(Business Continuity Plan) facility, as and when required.

Project Details

• Property : Unitech Cyber Park & SP Infocity, Udyog Vihar- Gurgaon
• Transaction Size : 1,24,000 sq.ft. (combined)
• Transaction Type : Leasing and Relocation of office space as BCP strategy

Consideration Analysis

After understanding Sun Life's preferences, RRPL explained a detailed financial analysis and cost benefits of leasing out a premisesas opposed to buying an office space. This was followed by an extensive location & availability analysis conducted by RRPL for Sun Life wherein the most lucrative options were proposed for their consideration.

Transformation

Further, after a careful in-depth study of NCR territory presented by RRPL which also involved various rounds of brainstorming sessions, conclusion was drawn by Sun Life to acquire their 1st office in Gurgaon, back then in 2006. Other territory, i.e. Delhi was dropped due to factors like lack of office space scalability option etc. & Noida was dropped since it was a new upcoming region and the airport connectivity was a concern.

Back in Gurgaon in 2005-06, RRPL presented an exhaustive analysis of all the available properties, keeping in mind Sun Life's parameters, Unitech Cyber Park was recommended and chosen due to financial & technical terms and scalability option. Scalability of 26,000 sqft was twice exercised in 2007 & 2010.

Further the company felt a need to have a BCP office within a certain radius of their current facility wherein again a competitive facility had to be chosen which could cater to expansion plans in due course of time. Maintaining the defined parameters RRPL structured this office space transaction by assisting Sun Life in choosing SP Infocity in Udyog Vihar, Gurgaon where an expansion of 25,000 sqft was exercised in two batches in 2012 & 2013.

There has been a long term mutually beneficial association with Sun Life since 2006, primarily due to the out of box ideas presented by RRPL and proposing the right properties at most competitive commercials thereby ensuring value adds in every concluded transaction.