Embassy Group and Mercedes – Benz sign lease deal for over a quarter of a million sq.ft. of prime office space
Bangalore, India – December 9, 2014: Embassy Group, India’s leading real estate developer, today announced that it has signed a deal with automobile giant Mercedes – Benz Research and Development India (MBRDI) to lease over 2,60,000 sq. ft. of prime commercial real estate space in Embassy Crest, Whitefield, Bangalore’s major IT hub.
The office premises with fully furnished fit outs has been delivered to the client. The 5 year lease (with an option to be extended by another 5 years) will strengthen an 8 year old partnership between the Embassy Group and Daimler AG which fully owns Mercedes – Benz India.
Embassy Crest is a joint venture between the Embassy Group and United Telecom. This development further cements Embassy Group’s position as the leading private owner and operator of world-class office spaces in India.
Over the past decade, the Embassy Group has emerged as one of the leading commercial real estate players with a valuable Grade A portfolio that spans across business parks and prime commercial properties in the city. The group has seen a series of prime commercial real estate deals closed in the last year with the latest being in October, with Embassy Office Parks (the joint venture of Embassy Group and Blackstone), closing India’s largest ever commercial real estate lease deal with Flipkart, signing a 3.25 million sq.ft. deal for office space in Embassy TechVillage on Outer Ring Road, Bangalore.
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.
