US-based multinational semiconductor company Advanced Micro Devices (AMD) leased about 500,000 sq ft office space in the commercial property of Prestige Group in Bengaluru. Prestige Technostar is among the largest office deals in the southern market this year.
AMD will utlise the new office space for the expansion of its operations in the city. The office will be operational by the end of the year. The company has signed a 10-year lease this May. It is a single-tenant deal and is also registered. The company shall pay a rent of Rs 54 per sq ft. On a yearly basis, AMD will pay rent of around Rs 31.5 crore. AMD is currently operating out of multiple locations in Bangalore, which is among prestige’s existing properties. The deal solidifies the interest shown by large corporations for workspaces in Bangalore. Prestige Group aims to strengthen the commercial portfolio in major cities and currently has 43 million sq ft of ongoing as well as upcoming projects planned in Pune, Bengaluru, and Hyderabad markets. The firm leased more than 1.5 million sq ft of office space this year to organisations involved in tech and technology like HP and Byju’s. Leasing activity will further increase in the coming months due to a combination of expansion, pent-up demand, and consolidation-led leasing since occupiers begin realigning their post-pandemic business strategies. Image Source
