BlackRock Services India leases 1.4 lakh sq ft with IndiQube in Bengaluru

Global asset manager BlackRock Services’s domestic arm has signed a fresh lease for 1.4 lakh square feet of office space at IndiQube Symphony, according to Propstack data. The deal is valued at about Rs 410 crore over a 10-year term.

 

The lease is among the largest transactions in India’s co-working space, underscoring the growing preference of global institutions for flexible office providers. The agreement, set to commence on October 1, 2025, will see BlackRock take up space in KNG Tower 1 at Ashoknagar, MG Road — a prime commercial hub in Bengaluru.

 

BlackRock will occupy the ground plus five floors of the tower, covering a chargeable area of 1,43,127 square feet, as per the document. The monthly rent has been fixed at Rs 2.72 crore, with a security deposit of Rs 21.75 crore and an annual escalation clause of 5 per cent.

   

The transaction highlights both the resilience of Bengaluru’s Grade-A office market and the rising share of co-working operators in closing large-scale enterprise leases. For BlackRock, the move also reflects a long-term bet on India’s growing role in the firm’s global operations.

 

Business Standard reached out to BlackRock and IndiQube via mail for comments; however, no response was received at the time of publishing. 

 

According to a recent joint report by Colliers and CREDAI, Indian real estate: Fostering equity and fueling economic growth, India’s real estate sector is emerging as a key driver of the country’s inclusive growth and is projected to expand into a $5-10 trillion market by 2047. Within this, Grade-A office and industrial space combined is expected to cross 2 billion square feet, underscoring the scale of opportunities ahead.

 

The report also stated that India’s Grade-A office stock has more than tripled since 2010, now exceeding 800 million square feet, propelled by strong demand from both Global Capability Centres (GCCs) and domestic players in sectors such as technology, BFSI, engineering, and manufacturing. The rapid uptake of flexible workspaces has further added to the dynamism of the country’s office market, reinforcing its position as a key pillar of real estate growth.

 

In a recent move, Apple leased about 2.7 lakh square feet of office space for a 10-year tenure at Embassy Zenith in Bengaluru, in a deal valued at over Rs 1,000 crore. Spread across the 5th to 13th floors, the facility will become Apple’s largest office in the country. The expansion marks a key step in the tech giant’s strategy to scale its presence and strengthen operations in one of its fastest-growing markets.

 

Additionally, TCS signed a 15-year lease for 1.4 million square feet on Neeladri Road in Electronic City, at a monthly rent of Rs 9.31 crore (Rs 66.50 per square foot), with a 12 per cent escalation every three years.