+
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

Next Story
Infrastructure Energy

Tata Power, Suzlon Ink Rs 60 Billion Wind Energy Deal in Andhra

Tata Power has signed an agreement with Suzlon Energy to develop, construct, and supply 700 megawatt (MW) wind turbines in Andhra Pradesh. The Rs 60 billion project forms part of a 7 gigawatt (GW) renewable energy plan announced by Tata Power Renewable Energy (TPREL) and the state government in March 2025.This marks the first wind energy project in the state since 2019. The larger 7 GW programme, covering solar, wind, and hybrid projects with or without storage, is expected to attract investments of around Rs 490 billion, making it one of the state’s largest clean energy commitments.The turb..

Next Story
Infrastructure Transport

Odisha Approves Rs 12.6 Billion For 32 New Bridges

Odisha is set for a major infrastructure boost with the approval of 32 new bridges under the Setu Bandhan Yojana for FY 2025–26. The project, valued at Rs 12.6 billion, is aimed at improving road connectivity across ten districts, enhancing mobility and driving local development.The bridges will be constructed in Bolangir, Subarnapur, Nayagarh, Sambalpur, Malkangiri, Bargarh, Koraput, Jagatsinghpur, Cuttack, and Puri. Many of these areas are rural or located in difficult terrains, where improved accessibility will greatly benefit the transportation of goods and public mobility.Setu Bandhan Y..

Next Story
Infrastructure Transport

UP Plans Rs 350 Billion Gorakhpur–Shamli Expressway

Uttar Pradesh is preparing to build its largest expressway, a 700-km six-lane project that will surpass the 570-km Ganga Expressway from Meerut to Prayagraj. Designed as a greenfield project, the Gorakhpur–Shamli Expressway will cut travel time between eastern and western Uttar Pradesh to just six hours, transforming regional connectivity.The expressway will pass through 22 districts and 37 tehsils, bringing faster travel and significant economic benefits, including higher land values for farmers and employment opportunities during and after construction. A drone survey to map the route is e..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?