BackPayPal renews 2.6 lakh sq ft office lease in Chennai
PayPal India renewed office lease at Futura Tech Park, in Chennai’s OMR Sholinganallur
PremiumBENGALURU : PayPal India has renewed 2.6 lakh sq ft office lease, for a 10-year period, at Futura Tech Park, in Chennai’s OMR Sholinganallur, said a person familiar with the transaction.
Futura Tech Park is part of X Office Parks, the office portfolio of Singapore-based Xander Investment Management. It is located in Chennai’s technology corridor of OMR Sholinganallur, where information technology (IT) companies such as TCS, Infosys Ltd and Wipro Ltd among others have their office campuses. “The lease rental is in the range of ₹60 to 65 per sq ft," said the person mentioned above, who can’t be named.
Futura Tech Park has been PayPal’s India office since 2013, when the company first launched its incubator in the country. The PayPal occupied building in the campus houses PayPal’s senior leadership and over 2,500 employees. Standard Chartered and Philips are some of the other multinational tenants at the Futura Tech Park Campus. PayPal also has offices in Bengaluru and Hyderabad, and a sales office in Mumbai.
Spokespersons of Xander and PayPal didn’t respond to queries.
X Office Parks is the office platform sponsored by Xander Investment Management, which was founded in 2005 and is the global advisor and manager to the Xander Funds that have invested over $5 billion in India.
After the sharp impact of the covid-19 pandemic on the commercial office sector, there has been an uptick in leasing activity for institutionally owned office assets across the country this year.
X Office Parks, has seen substantial leasing activity since mid-2021, across its pan-India 11.5 million sq ft portfolio.
Lease renewal transactions with JP Morgan in Weikfield Corporate Park, Pune, and Microsoft and Aristocrat Technologies in Express Corporate Park, Noida, both X Office Parks’ campuses, point to the same.
Similarly, Hive, the group’s flexible workspaces offering, has also seen a steady increase in its portfolio occupancy by almost 25% over the last year.
“With the ebbing of covid-19 followed by the relaxation of restrictions, the Indian real estate sector is recovering faster than expected. With occupiers returning to the office, gross office absorption during the first quarter of 2022 rose to 13 million sq ft, a three-fold increase year-on-year. The demand for office and industrial space will continue to remain strong throughout the year. Investment confidence also remains intact as investors continue to bet on traditional assets as the economy recovers," said Ramesh Nair, CEO, India and managing director, market development, Asia, Colliers.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
