Embassy Office Parks, the joint venture between Embassy Group and Blackstone, at weekend announced that it has signed one of the largest commercial real estate leasing deals in India with Flipkart, an e-commerce marketplace. It has signed up for over 3 million sq ft of office space to be taken up in phases at the Embassy TechVillage in Bangalore.
The office premises, with fit-outs, for an initial 1.5 million sq ft is expected to be delivered within 24 months. There is an option to increase this to 3.25 million sq ft over the next 3 years to 5 years, Embassy Group said in a statement.
Jones Lang LaSalle acted as advisers on the deal. However, financial details were not disclosed by the company.
“In terms of area, the deal is the largest-ever single commercial real estate leasing deal in India,” the statement said.
Embassy TechVillage is a 106-acre development on the outer ring road (ORR), part of the heart of Bangalore’s IT corridor. Embassy TechVillage has been planned as an integrated project with commercial components as well as retail and residential spaces.
Commenting on the development Jitu Virwani, CMD of Embassy Group, said, “We are delighted to have Flipkart as our tenant at the Embassy TechVillage and are looking forward to having a long-standing relationship with them.”
Being strategically located in the heart of Bangalore’s IT corridor, Embassy TechVillage is connected to the IT hubs of Whitefield and Electronic City as well as the CBD.
Embassy Office Parks will also be constructing build-to-suit office spaces for clients, both SEZ and non-SEZ, as part of Embassy’s integrated business park concept.
Mike Holland, CEO of Embassy Office Parks, said: “The creation of Embassy Office Parks as a strategic business accelerator for the Embassy Group has proven to be well-timed and well-positioned. We continue to build on our relationships with discerning corporate occupants delivering world-class commercial office space across key markets in India, especially Bangalore.”
Embassy TechVillage has attracted some of the top companies like Sony, Nokia, Brocade, Cisco, Geometric, Blue Ocean, Talisma, Amba, Ness, Autonomy, Creative, Iron Mountain and Outsource Partners International.