Embassy Office Parks Closes India’s Largest Ever Commercial Real Estate Lease Deal
Flipkart Signs a 3.25 million sq.ft deal for office space in Embassy TechVillage
Bangalore, India – October 18, 2014: Embassy Office Parks, the joint venture of Embassy Group and the Blackstone, today announced that it has signed the largest single commercial real estate leasing deal in India with Flipkart, India's leading e-commerce marketplace, for over 3 million sq.ft of office space in phases at Embassy TechVillage. This development further cements Embassy Office Parks position as the leading private owner and operator of world-class business parks in India.
The office premises with fit outs is expected to be delivered within 24 months for an initial 1.5 million sq.ft with an option to increase this to 3.25 million sq.ft over the next 3 to 5 years. In terms of area, the deal is the largest ever single commercial real estate leasing deal in India.
Embassy TechVillage is a 106 acre development located on ORR, the heart of Bangalore’s IT corridor. Embassy TechVillage is planned as an integrated project with commercial components as well as retail and residential spaces. Embassy Office Parks will also be constructing build-to-suit office spaces for clients, both SEZ & non-SEZ, as part of Embassy’s integrated business park concept.
Mike Holland, CEO of Embassy Office Parks said, “The creation of Embassy Office Parks as a strategic business accelerator for the Embassy Group has proven to be well-timed and well-positioned. We continue to build on our relationships with discerning corporate occupiers delivering world-class commercial office space across key markets in India, especially Bangalore.”
Commenting on the development Jitu Virwani, Chairman and Managing Director of Embassy Group remarked, “We are delighted to have Flipkart as our tenant at Embassy TechVillage and are looking forward to having a long standing relationship with them. Being strategically located in the heart of Bangalore’s IT corridor, Embassy TechVillage is well connected to the IT hubs of Whitefield and Electronic City as well as the CBD. Our office parks are more than just brick and mortar workplaces – they are business ecosystems engineered to enhance productivity by building vibrant communities. ”
Embassy TechVillage is a strategically located business hub attracting some of the world’s largest companies like Sony, Nokia, Brocade, Cisco, Geometric, Blue Ocean, Talisma, Amba, Ness, Autonomy, Creative, Iron Mountain and Outsource Partners International.
Jones Lang LaSalle acted as advisers on the deal.
About Embassy Office Parks
Embassy Office Parks is the leading private owner and operator of world-class business parks in India. Embassy Office Parks is a joint venture between Bangalore based Embassy Group, India’s leading commercial property developer and the Blackstone Group L.P. (“Blackstone”). Embassy Office Parks provides a business ecosystem that is people-focused and enhances productivity through a vibrant and emotionally involved workforce following the best of global standards. Embassy Office Parks are designed to achieve superior productivity levels across all core audiences.
With over 100 clients, and several large multinationals situated at these parks, Embassy Office Parks is a pioneer in the leasing model for commercial space as well as developing integrated office parks across the country. Comprising more than 15 million sq ft of commercial space, the Embassy Office Parks portfolio includes business parks in Bangalore such as Embassy TechVillage, Embassy GolfLinks and Embassy Manyata Business Park, as well as Embassy TechZone in Pune.
About Embassy Group
Embassy Group is one of the leading property developers in India with a track record of over 28 years in real estate development. Embassy has an extensive land bank across the country and has developed over 35 million sq ft of prime commercial, residential and retail space in India as well as Malaysia and Serbia. Embassy’s portfolio of real estate developments spans the commercial, residential, retail and hospitality segments of the real estate industry. While the commercial real estate business includes the development of business parks for the IT/ITeS sector, SEZs and corporate office space. Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. Embassy’s residential projects are also designed to obtain IGBC Green Homes gold ratings as part of the efforts towards creating sustainable developments.
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