Target India Signs Rs12.5 bn Bengaluru Office Lease for GCC Expansion

26 Jun 2026 CW Team

Terms of the 10-year lease include total rent of Rs 12.5 billion payable over the duration, with a monthly rent of around Rs 87.3 million and a security deposit of Rs 523.6 million. The registered documents indicate a 15 per cent rent escalation every three years. The lease commenced on first September 2025 and was registered in April.

Propstack documents show the company will pay the sums as part of a fresh lease, and Embassy Office Parks Reit declined to comment on queries. People familiar with the matter said the new space represents an expansion by Target India, which already occupies around 600,000 square feet in the same park. The new allocation spans multiple floors and is intended to consolidate back-office and technology operations.

Market figures indicate that global capability centres led office leasing in India during January to March 2026, accounting for 9.1 million square feet or 44 per cent of the 20.7 million square feet absorbed in the quarter. A recent CBRE report noted that demand remained strong in Delhi-National Capital Region, Mumbai and Bengaluru, driven principally by Fortune 500 companies. Observers added that the trend has been a key driver of leasing momentum across major tech and commercial clusters.

Geographically, Bengaluru continued to capture the largest share of GCC activity, accounting for 48 per cent of overall leasing in the period, according to the report. Sectorally, e-commerce constituted 24 per cent of demand, followed by banking, financial services and insurance and technology at 20 per cent each, with research, consulting and analytics at 19 per cent. The Target lease reinforces Bengaluru’s position as a preferred hub for multinational capability centres.

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The India arm of American retailer Target Corporation has leased 831,126 square feet at Embassy Manyata Business Park in Bengaluru for its global capability centre expansion. The agreement covers space in the new Nagawara building owned by Embassy Office Parks REIT and runs from the ground to the tenth floor. Transaction documents show the fresh lease will house the company’s India global capability centre. Terms of the 10-year lease include total rent of Rs 12.5 billion payable over the duration, with a monthly rent of around Rs 87.3 million and a security deposit of Rs 523.6 million. The registered documents indicate a 15 per cent rent escalation every three years. The lease commenced on first September 2025 and was registered in April. Propstack documents show the company will pay the sums as part of a fresh lease, and Embassy Office Parks Reit declined to comment on queries. People familiar with the matter said the new space represents an expansion by Target India, which already occupies around 600,000 square feet in the same park. The new allocation spans multiple floors and is intended to consolidate back-office and technology operations. Market figures indicate that global capability centres led office leasing in India during January to March 2026, accounting for 9.1 million square feet or 44 per cent of the 20.7 million square feet absorbed in the quarter. A recent CBRE report noted that demand remained strong in Delhi-National Capital Region, Mumbai and Bengaluru, driven principally by Fortune 500 companies. Observers added that the trend has been a key driver of leasing momentum across major tech and commercial clusters. Geographically, Bengaluru continued to capture the largest share of GCC activity, accounting for 48 per cent of overall leasing in the period, according to the report. Sectorally, e-commerce constituted 24 per cent of demand, followed by banking, financial services and insurance and technology at 20 per cent each, with research, consulting and analytics at 19 per cent. The Target lease reinforces Bengaluru’s position as a preferred hub for multinational capability centres.

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