Flipkart signs real estate lease deal with Embassy Office Parks
The office premises with fit outs is expected to be delivered within 24 months
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Bangalore: Embassy Office Parks, the joint venture between of Embassy Group and the Blackstone Group Lp, said it signed the largest commercial real estate lease deal in India by size with e-commerce firm Flipkart for more than 3 million square feet of office space in phases at Embassy TechVillage in Bangalore.
Though the companies did not disclose the lease rate, two people familiar with the matter said that the deal was signed at Rs.50 per sq. foot, making it a Rs.15 crore deal.
The office premises with fit outs is expected to be delivered within 24 months for an initial 1.5 million sq. ft with an option to increase this to 3.25 million sq. ft over the next three-five years, Embassy said in a statement. Embassy
Mint first reported on 23 July that Flipkart was looking to consolidate its eight offices in Bangalore and build a large, 1.5 million sq. ft campus that will have an initial capacity to house 12,000 people.
The Times of India newspaper reported the Embassy-Flipkart deal details earlier this week.
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