IBM takes Gurugram office on 10-year lease for ₹180 crore

Bengaluru: IBM India Pvt. Ltd has signed a 10-year lease for over 230,000 sq. ft of office space across six floors at Intellion Park in Gurugram’s Sector 59, with a rental outlay of ₹180 crore.

The global technology major will pay a monthly rent of ₹1.25 crore, with a 15% rental escalation every three years. The lease deed was signed in December, as per documents accessed by real estate data analytics platform Propstack.

IBM has leased the space from Mikado Realtors Pvt. Ltd, which is promoted by Tata Realty and Infrastructure Ltd (TRIL), the documents showed.

Intellion Park in Gurugram is a campus-style information technology (IT)/IT enabled services (ITeS) special economic zone, spread across 25 acres.

In another large lease transaction, Eternal Ltd’s food delivery service company Zomato recently leased over 270,000 sq. ft of office space at TRIL's Intellion Park Gurugram.

“Intellion continues to attract quality clients with large space requirements at NCR. First, Zomato, and now IBM—that’s 0.5 million sq. ft absorbed by just two tenants. IBM’s 10-year lease with a total outlay of ₹180 crore highlights the continued appetite for large floor plates and long-term consolidation in NCR's premium office corridors,” said Raja Seetharaman, co-founder, Propstack.

An IBM India spokesperson didn't respond to Mint's query. A TRIL spokesperson declined to comment on the transaction.

IBM India has been steadily expanding its office footprint in the country.

Last year, it took up 161,884 sq. ft on lease from Golflinks Software Park Pvt. Ltd at the Pine Valley building in Embassy Golflinks Business Park in Bengaluru. The business park is owned by Embassy REIT and a local partner. IBM will pay roughly ₹145 crore in rent for a 60-month lease tenure.

In 2025, IBM India also leased around 110,000 sq. ft of office space from Table Space, a managed workspace provider, in Bengaluru.

Technology companies and flexible workspace operators led office absorption activity in 2025, which hit a record high of 82.6 million sq. ft (in gross leasing) across India's the top nine cities, compared to 79 million sq. ft in 2024, according to property advisory CBRE India.