Flipkart signs real estate lease deal with Embassy in Bangalore

Flipkart signs real estate lease deal with Embassy in Bangalore

By SiliconIndia   |   Monday, October 20, 2014
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Bangalore : Embassy Office Parks which is the joint venture between the Embassy Group and the Blackstone Group had announced that India’s largest commercial real estate deal with e-commerce giant Flipkart in Bangalore has signed on Saturday. It has a closed deal for more than 3 million sq ft of prime office space in phases at Embassy Tech Village in Bangalore with an annual rent of Rs 300 crore.

Although the companies did not divulge the financial details, two people familiar with the matter said that the deal was signed at rs 50 per sq foot and making it a rs 15 crore deal. Juggy Marwaha, managing director, south India for JLL confirmed the deal and stated that; “this is the largest office dealing in India, we are feeling proud to have a partner will an Indian leading company and the final agreement will be signed within 90 days.”

The first phase which recently raised $1 billion in fresh funding at Embassy Tech Village on the Outer Ring Road Bangalore is expected to deliver early by next year as an incubation facility for over 2500 seats. There is an option to increase this to 3.25 million sq ft over the next 3-5 years. Embassy group said in a statement.

In order to beef up support and technology operations, the contract is a part of Flipkart’s expansion plans as it will hire 12,000 people this year. This office space is strategically located in heart of Bangalore with well connectivity to IT hubs of Whitefield and Electronic city.

Jitu Virwani, managing director and chairman of Embassy Group said; “The office space will be leased to e-commerce giant in phases. We have won this business deal as of our reputation and experience of having dealings with MNC’s like IBM and Microsoft and we are looking forward to have a long lasting relationship with Flipkart.”

Towards the end, he also added that Embassy Office space will also be the constructing office spaces for clients for both SEZ and non SEZ as a part of Embassy’s integrated business park concept.

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