Israel Aerospace Industries’ subsidiary leases 45,000 sq ft office space in Gurugram for ₹32 lakh monthly rent

The space is located at Intellion IT Park, Tower 1 in Gurugram. The company will occupy the 12th floor of the tower under a fresh five-year lease beginning May 5, 2025, the documents showed.

Over the lease tenure of 60 months, the company will pay about ₹20.5 crore in rent, with a 15% escalation every three years. The space has been taken from landlord Mikado Realtors Pvt Ltd, a Tata Group Company (Tata Realty and Infrastructure Ltd), at a rate of ₹71 per sq ft per month. The security deposit for the transaction is ₹1.6 crore, the document showed.

The Letter of Intent (LOI) for the transaction was signed on August 25, 2023. Approvals under SEZ norms have been granted, allowing the company to undertake IT-enabled services such as repair and maintenance, business support, and related operations from the premises, Propstack said.

IAI, Israel’s largest aerospace and astronautics manufacturer, supplies advanced systems for both defence and civilian sectors. Its expanded India presence comes at a time of deepening collaboration between the two countries in defence and technology.

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“IAI is determined to continue and expand this successful cooperation, embracing the spirit of Atmanirbhar Bharat to the fullest. This strategy is led by the establishment of IAI India. and other local enterprises, addressing India’s thrust of self-reliance and the opportunities of innovative technological capabilities, advanced manufacturing, technical support, and export potential enabled by this extensive cooperation,” a press statement issued by IAI on its website said.

Intellion Park, located off Golf Course Extension Road in Gurugram, enjoys prime connectivity through major access routes, including Golf Course Road, MG Road, and Faridabad Road. It is also well linked to Sohna Road, NH-8, and Delhi, enhancing its appeal as a business hub.

A list of queries has been sent to Israel Aerospace India Services Pvt Ltd and Mikado Realtors. The story will be updated once a response is received.

Mint newspaper has reported last year that in line with the Indian government’s Make-in-India initiative, Israel Aerospace Industries has launched its Indian subsidiary, Aerospace Services India, with plans to set up a large-scale hub for maintenance, repair and overhaul (MRO) of defence equipment in Gurugram, the Indian subsidiary’s top official said in an interview.

“We are planning to build a large MRO in the Gurgaon area. We are waiting for the final confirmation from various government bodies to give us the licence to set this up as an MRO location, in which a lot of jobs and talent will be created. This is only the first step in building capabilities,” Mint had quoted Danny Lauber, chief executive, Aerospace Services India, as saying.

Founded in 1953, Israel Aerospace Industries is Israel’s major aerospace and aviation manufacturer, producing aerial and astronautic systems for both military and civilian usage. The company has been present in India for several years now and is engaged in multiple collaborations with Indian agencies and public-sector undertakings regarding the development of defence equipment, Mint newspaper reported.

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Previous transactions in Gurugram

In January, Nagarro Enterprise Services Pvt Ltd, a German IT services firm, leased more than seven lakh sq ft in Gurugram’s Sector 18 for a monthly rent of ₹2.90 crore. Documents show that the commercial space has been leased in the Udyog Vihar area of Gurugram, Sector 18, in a property constructed by Chimera Developers LLP.

The security deposit paid for the property measuring a total of 7.06 lakh sq ft is ₹10 crore, the documents showed.

In July, Table Space Technologies Private Limited, a flexible workspace solution provider, leased 5.34 lakh sq ft of office space for ₹3.47 crore per month in Intellion Park in Sector 59, Gurugram, and the space is proposed to be leased to tech giant Google, according to the property registration document reviewed by real estate analytics firms Propequity and Propstack. The transaction was completed on April 17, with a stamp duty payment of ₹2.49 crore.