Flipkart leases 2 million sft for 20 years, largest single office space in India

Online shopping giant Flipkart recently cracked India's single largest office space leasing deal by signing up for a 2-million-sq-ft custom-built office campus in Bengaluru, as the ecommerce company seeks to expand operations and workforce.
Flipkart leases 2 million sft for 20 years, largest single office space in India
Online shopping giant Flipkart recently cracked India's single largest office space leasing deal by signing up for a 2-million-sq-ft custom-built office campus in Bengaluru, as the ecommerce company seeks to expand operations and workforce.
Initially, Flipkart was in talks with the Embassy Group to lease 3 million sq ft. The plan has now been revised to lease 2 million sq ft and Flipkart will pay rent at Rs 50 a month per sq ft. The deal is for 20 years.
"Two million sq ft of office space seats over 20,000 people," as per an industry insider told Et Retail.
Besides, the online major 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.
Flipkart confirmed the transaction, but didn't provide details. Bhhavesh Kamdar, head of leasing at Embassy Office Parks, said 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, Kamdar said.
Expressing views on the matter,Flipkart's adviser in the transaction,
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. Further, the Flipkart-Embassy deal is by far the single largest commitment of office space anywhere in the country "as a one-shot take up, without any option spaces reserved."
The new campus will come up as part of Embassy Tech Village on the Outer Ring Road. The property is owned by US private-equity giant Blackstone and Bengaluru-based builder Embassy Group.
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