IBM signs lease agreement for 5 lakh sq ft office space in Bengaluru
Real Estate

IBM signs lease agreement for 5 lakh sq ft office space in Bengaluru

Even as the work-from-home model has become the mainstay for many companies since the Covid-19 outbreak, technology giant IBM has signed lease agreements for 500,000 sq ft of office space in a special economic zone (SEZ) in Bengaluru.

For the upcoming project, the US-based company will pay a base rent of 52 per sq ft with a 15-year lock-in period.

According to two people familiar with the deal, the developer will be doing the fit-outs for IBM, which plans to use the space in Bhartiya City to consolidate its Bengaluru operations.

Bhartiya City is a 3 million sq ft office development in an integrated business park. The project includes both SEZ and non-SEZ components. Large technology firms have already leased 1.5 million sq ft at Bhartiya City.

In the non-SEZ portion, IBM is in talks with the builder for an additional 200,000 sq ft.

IBM renewed 6,25,000 sq ft of office space in Manyata Tech Park in 2020.

IBM is an American multinational technology corporation headquartered in Armonk, New York, with operations in more than 171 countries.

IBM is a multinational corporation that manufactures and sells computer hardware, middleware, and software, as well as hosting and consulting services in a variety of fields, from mainframe computers to nanotechnology. IBM is also a major research institution, having set the record for the most annual U.S. patents generated by a business for the past 28 years.

Image Source

Also read: Byju's takes up 9,500 sq ft office in Mumbai on 5 year lease

Even as the work-from-home model has become the mainstay for many companies since the Covid-19 outbreak, technology giant IBM has signed lease agreements for 500,000 sq ft of office space in a special economic zone (SEZ) in Bengaluru. For the upcoming project, the US-based company will pay a base rent of 52 per sq ft with a 15-year lock-in period. According to two people familiar with the deal, the developer will be doing the fit-outs for IBM, which plans to use the space in Bhartiya City to consolidate its Bengaluru operations. Bhartiya City is a 3 million sq ft office development in an integrated business park. The project includes both SEZ and non-SEZ components. Large technology firms have already leased 1.5 million sq ft at Bhartiya City. In the non-SEZ portion, IBM is in talks with the builder for an additional 200,000 sq ft. IBM renewed 6,25,000 sq ft of office space in Manyata Tech Park in 2020. IBM is an American multinational technology corporation headquartered in Armonk, New York, with operations in more than 171 countries. IBM is a multinational corporation that manufactures and sells computer hardware, middleware, and software, as well as hosting and consulting services in a variety of fields, from mainframe computers to nanotechnology. IBM is also a major research institution, having set the record for the most annual U.S. patents generated by a business for the past 28 years. Image Source Also read: Byju's takes up 9,500 sq ft office in Mumbai on 5 year lease

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code