TCS Limited Leases 6.3 Lakh sq ft of Office Space in Chennai

In short

• TCS has leased 6.3 lakh sq ft of office space in Chennai's Ozone Techno Park for a monthly rent of Rs 2.8 crore, with a 10-year lease and a three-year lock-in period.
• The rent is set at Rs 45 per sq ft, increasing by 12% every three years, and includes 631 parking spaces.
• Commercial real estate deals in Chennai, including Walmart's lease of 4.6 lakh sq ft and Cognizant's sale of its headquarters for Rs 612 crore.

Tata Consultancy Services Limited has taken on lease 6.3 lakh sq ft of office space in Chennai's Ozone Techno Park for Rs 2.8 crore monthly rent, as per documents obtained by data analytics firm Propstack.

The landlord is Platinum Holdings Private Limited, and TCS made an advance payment of Rs 25.5 crore. The space has been taken on lease for 10 years, and the deal has a lock-in period of three years until March 14, 2028.

The rent has been fixed at Rs 45 per sq ft per month and will be raised by 12% after the expiry of every three years, the document revealed. The building consists of 631 parking spaces, comprising stilt parking and surface parking lots.

Email queries have been sent to TCS and Ozone Platinum Holdings. The copy will be updated if a reply is received.

Other commercial real estate deals in Chennai

In January, Walmart took on lease 4.6 lakh sq ft of office space in Chennai for Rs 3.26 crore of monthly rental, documents made available to Propstack revealed. The office space is in International Tech Park, and the company paid a deposit of Rs 19.55 crore.

In March, Cognizant Technology Solutions India sold its Indian headquarters at Chennai to Bagmane Constructions in a deal worth Rs 612 crore. The building is situated in Thoraipakkam on Chennai's Old Mahabalipuram Road (OMR), one of the city's major IT roads, JLL, which mediated the deal, confirmed. As per the encumbrance certificate checked by Ht.com, the building covers 5.9 lakh sq ft or 13.6 acres.

Last year in August, IT services giant LTI Mindtree took on lease 5.85 lakh square feet of office space in the Manapakkam suburb of Chennai at a minimum monthly rental of Rs 3.98 crore.