In among the largest lease deal transactions in India in terms of space in the last two months, Schneider Electric, a global specialist in energy management, has taken 5 lakh square feet of office space on lease in Bearys Global Research Triangle (BGRT) in Whitefield, an upcoming commercial district in Bangalore, according to industry sources.
The lease rentals for the transaction could be anywhere between R30 and R33 per square feet per month in the building, making the deal around R20 crore annually on the higher side, said sources.
“The rentals in the vicinity are in the range of R29 per square feet per month, but BGRT being a Leadership in Energy and Environmental Design (LEED) certified building, could be in a position to command a couple of rupees extra,” said a consultant with knowledge of the transaction.
Schneider refused to divulge details of the transaction. A company spokesperson told FE, “We will not be able to validate or answer your questions at this point in time. Schneider Electric is and remains committed as always to its India operations”.
Built on a 21 acre triangular property, BGRT is a research and development complex being modeled on the Research Triangle Park (RTP), North Carolina, US, according to the project’s website.
It is said to be the first Platinum LEED certified green building research park.
In the first phase, the complex will have a built up area of 1.25 million square feet, and the second and third phase will be 2.71 million square feet. It will house two basements, ground floor and 10 floors.
The under construction office project, sources said, is six to nine months away from completion.
In the commercial and office space offtake, Bangalore has been overshadowing other cities of the country, say market experts.
From IT/ITeS to pharmaceuticals, companies are making a beeline to take up commercial space in Bangalore.
According to market estimates, Bangalore has been contributing a lion’s share to the office space offtake in the country, which has been as high as 50-60% in the last two months
The lease rentals for the transaction could be anywhere between R30 and R33 per square feet per month in the building, making the deal around R20 crore annually on the higher side, said sources.
“The rentals in the vicinity are in the range of R29 per square feet per month, but BGRT being a Leadership in Energy and Environmental Design (LEED) certified building, could be in a position to command a couple of rupees extra,” said a consultant with knowledge of the transaction.
Schneider refused to divulge details of the transaction. A company spokesperson told FE, “We will not be able to validate or answer your questions at this point in time. Schneider Electric is and remains committed as always to its India operations”.
Built on a 21 acre triangular property, BGRT is a research and development complex being modeled on the Research Triangle Park (RTP), North Carolina, US, according to the project’s website.
It is said to be the first Platinum LEED certified green building research park.
In the first phase, the complex will have a built up area of 1.25 million square feet, and the second and third phase will be 2.71 million square feet. It will house two basements, ground floor and 10 floors.
The under construction office project, sources said, is six to nine months away from completion.
In the commercial and office space offtake, Bangalore has been overshadowing other cities of the country, say market experts.
From IT/ITeS to pharmaceuticals, companies are making a beeline to take up commercial space in Bangalore.
According to market estimates, Bangalore has been contributing a lion’s share to the office space offtake in the country, which has been as high as 50-60% in the last two months
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