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Bengaluru: Real estate firm Embassy Group has leased 463,704 sq ft to Allianz Group companies at Embassy Taurus TechZone (ETTZ), Trivandrum, in one of the largest single office lease transactions in the city.

The 3 million sq ft special economic zone (SEZ) of office space is being jointly developed by Taurus Investment Holdings India and Embassy Group in Taurus Downtown, a 21-acre development in Trivandrum.

ETTZ is a part of the Downtown Trivandrum project, a mixed-use development with commercial, retail, entertainment, and hospitality experiences.

“Allianz’s lease at Embassy Taurus TechZone is the largest single office transaction of its kind in Trivandrum, and the beginning of recovery for the real estate sector. This is a testament to how demand for large office spaces by blue chip companies has not been diminished by covid-19, and we are confident that it will continue to grow," said Aditya Virwani, chief operating officer, Embassy Group.

Somesh Jauhari, chief people officer for Allianz Technology India and Allianz Services India, said, “With this new space, we aim to consolidate our presence of close to two decades in Technopark, Trivandrum, across multiple buildings, by creating a modern and safe world-class working environment for our people and continuing to be a great place to work. This also reaffirms our commitment to further grow in this location that’s home to over 5,500 Allianz employees and remains one of the single largest locations for Allianz outside of Europe."

The handover timeline for the tenancy is scheduled for November 2022.

“Taurus Downtown Trivandrum is one of the landmark projects of this Government. Trivandrum is a growth center for companies looking at Tier-2 cities as an option to consolidate or expand their businesses. Allianz has shown consistent commitment to growth in Trivandrum – their decision to expand to Embassy Taurus TechZone is a big boost to Technopark's growth story," said John Thomas, CEO, Kerala IT Parks.

 

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