ANZ renews office space lease in Bengaluru for four years at a rent of ₹6 crore per month

ANZ Support Services India Private Limited has renewed the lease deed for an area of 6,18,751 sq ft with the landlord Manyata Promoters Private Limited for 48 months at a monthly rent of ₹5.94 crore. The company has paid a deposit of ₹35.6 crore, the documents showed.

The per sq ft rate works out to be ₹96 per sq ft per month. The rent comes with an escalation clause of 15% after 24 months, it showed.

There was no response from Embassy. ANZ could not be reached.

The built-to-suit property has been developed by the Embassy group. According to media reports, the ANZ Bengaluru Service Centre, had been operating from Embassy Manyata Business Park in Bengaluru since 2005 and signed up for a built-to-suit facility of 600,000 sq. ft. in the same premises in June 2022. The said office space was designed as a comprehensive built-to-suit solution in Embassy Manyata, located in North Bengaluru and could accommodate over 6,000 employees.

Also Read: JP Morgan Services leases 5.6 lakh sq ft office space in Bengaluru for over 7 years

Other commercial real estate deals in Bengaluru

Earlier, JP Morgan Services India Private Limited had leased 5.6 lakh square feet of office space in Bengaluru’s Embassy TechVillage for a period of over 7 years at a starting monthly rent of ₹4.47 crore, documents accessed through real estate data analytics platform Propstack showed.

Also Read: Embassy REIT leases 8 lakh square feet to Commonwealth Bank of Australia in Bengaluru

Recently, in three big-ticket commercial real estate deals in Bengaluru, e-commerce giant Amazon and industrial conglomerate Honeywell have renewed their office leases in the city, while American electronic design automation company Synopsys has taken up a 4.3 lakh square feet space in a fresh deal, property registration documents accessed through real estate data analytics platform Propstack showed.

According to the documents, Amazon Development Centre India Private Limited has renewed its lease for a 6.76 lakh square feet office space in Taurus 3 facility of Constellation Business Park for a period of five years at a starting monthly rent of ₹4.92 crore.

Documents shared by Propstack showed that industrial major Honeywell Technology Solutions Lab Private Limited has renewed its lease for a 5.9 lakh square feet office space spread across Blocks 3A, B and C of RMZ Ecoworld in East Bengaluru, for a five-year tenure starting August 26, 2024, the documents showed.

Property registration documents seen by HT.com revealed that electronic design automation major Synopsys India Private Limited has leased 4.3 lakh square feet of office space in Bagmane Capital Troy for seven years at a starting rent of ₹4.19 crore per month.

According to a recent CBRE report, Bengaluru led office space absorption across India during the January-September period of 2024, accounting for about 30% of the total leasing at 16.4 million square feet.

During the July-September quarter, Bengaluru recorded office leasing to the tune of 7.1 million square feet as against 3.4 million square feet in the same period last year.