Aiming to expand its operations and workforce, homegrown giant ecommerce firm, Flipkart has locked India’s single largest office space leasing deal by signing up for a 2 million sq ft custom-built office campus in Bangalore.
Earlier, the ecommerce firm was planning to go for 3 million sq ft space and in talks with Embassy Group for the same. However, the plan has now been revised to lease 2 million sq ft. As per the lease terms, Flipkart will pay rent at INR 50 a month per sqft for next 20 years.
As per the reports, Flipkart will move all its operation from multiple offices to one location. It currently occupies 5 lakh sq ft across the southern city. Its office space includes 106,000 sq ft in Mantri Commercio, 37,674 sq ft in Salarpuria Tech Point and 9,000 sq ft in Brigade Court.
The person involved in the transaction said, “Two million sq ft of office space seats over 20,000 people.” The property will be delivered in two phases. The Phase I comprising 1.5 million sq ft will be handed over in the next two years, said Bhhavesh Kamdar, head of leasing at Embassy Office Parks.
Commenting on this deal, Juggy Marwaha, managing director for south India at JLL said, “With the current supply-demand dynamics in Bengaluru, large occupiers who have better visibility of their business will find locking space in advance.”
The new campus will come up as part of Embassy Tech Village on the Outer Ring Road. The property is owned by US-based PE firm Blackstone and Embassy Group.