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US firm Anthem takes 3 lakh sq ft office space on lease from Embassy, GAR group

Press Trust of India  |  New Delhi 

US-based health insurance company Anthem Inc has taken on lease 3 lakh sq ft office space in Bengaluru and Hyderabad from two real estate developers, Embassy and GAR group, for its back-office operations, according to sources.

Global property consultant Savills India helped Anthem Inc for leasing transaction as well as managing the project.

In February this year, Anthem Inc's Indian arm Legato Health Technologies had taken on lease about 1.5 lakh sq ft of office space in 'Embassy Manyata Business Park' project in Bengaluru.

According to sources, Legato has leased 1 lakh sq ft of office space more in Embassy Manyata Business Park, taking the total absorption to 2.5 lakh sq ft.

Moreover, Legato has taken 2 lakh sq ft of office space from realty firm GAR group in its 'Laxmi Infobahn' project located at new financial district Kokapet, Hyderabad.

The US firm will use this space for its captive backoffice work, sources said.

While the leasing deal in Bengaluru has been done at a rent of about Rs 75-80 per sq ft per month, the rent for Hyderabad properties is around 50 per sq ft.

Embassy group spokesperson declined to comment. Savills India Country Manager (Worldwide Occupier Services) Bhavin Thakker, too, declined to comment on this deal.

Embassy Group is the country's leading commercial real estate developer with over 30 million sq ft of completed assets and another 20 million sq ft under various stages of development.

Embassy Manyata project is spread across 110.5 acre in North Bengaluru, with a potential built up area of 18.5 million sq ft, of which 10.5 million sq ft is currently built.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 22 2018. 15:35 IST