E-commerce firm Flipkart on 18 October 2014 signed real estate lease deal with Embassy Office Parks, the joint venture between Embassy Group and Blackstone.
The deal is largest-ever single commercial real estate leasing deal in India in terms of area. However, financial details were not disclosed by the companies.
Highlights of the deal
• The deal was signed up for over 3 million sq ft of office space in phases at the Embassy TechVillage in Bangalore.
• The office premises of 1.5 million sq ft with fit-outs is expected to be delivered by 2015.
• There is an option to increase this area to 3.25 million sq ft over the next 3 years to 5 years.
Embassy TechVillage in Bangalore
Embassy TechVillage is a 106-acre development on the outer ring road (ORR) of Bangalore’s IT corridor. Embassy TechVillage has been planned as an integrated project with commercial components as well as retail and residential spaces.
Embassy TechVillage is connected to the IT hubs of Whitefield and Electronic City as well as the CBD.
Embassy TechVillage has attracted some of the top companies like Sony, Nokia, Brocade, Cisco, Geometric, Blue Ocean, Talisma, Amba, Ness, Autonomy, Creative, Iron Mountain and Outsource Partners International.
When: 18 October 2014
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