Apple Inc. has agreed to lease an entire office tower from the Embassy Group in Bengaluru, according to sources familiar with the matter. This move marks the tech giant's latest expansion of its corporate footprint in India, which includes locations in Mumbai, Hyderabad, and Gurugram.
The iPhone and iPad maker will pay over ₹220 per sq ft monthly for more than 400,000 sq ft of office space on Sankey Road, setting a new record in Bengaluru's office property market.
A letter of intent (LOI) for the lease was recently signed, with the formal deal expected to be registered soon. The lease agreement includes a 15% rent escalation every three years, one source revealed.
Apple's new space is part of a commercial project on a 2.3-acre site that previously housed the Le Meridien hotel, overlooking Bangalore Golf Club and Cubbon Park. The project will feature two basements, a ground floor, and 13 upper floors, covering 30,000 sq ft. This will be Apple's second-largest facility in Bengaluru, anticipated to be operational by 2025.
While the Embassy Group declined to comment, Apple did not respond to requests for comment.
In 2021, Apple signed a lease for more than 400,000 sq ft in Bengaluru with Prestige Group, including an experience center. This property can be renewed for three additional five-year terms, with restrictions on competitors such as Alphabet, Microsoft, Samsung, Xiaomi, and Amazon.
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