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TCS leases one million sq ft office space in Bengaluru

In the largest single office space transaction in the country so far this year, India’s top software exporter Tata Consultancy Services has picked up 1 million sq ft commercial realty space on lease at International Tech Park Bangalore (ITPB) from Temasek Holdings-JTC Corporation-owned Ascendas-Singbridge Group. The deal assumes significance in the backdrop of talks of slower business momentum for software exports amid US protectionist noise and visa issue. Despite all the talks about slower growth in software services exports, several IT companies have been leasing spaces across the country and this deal indicates the business confidence. “The rentals for this deal are fixed at Rs 55 per sq ft a month taking the total rental payout to Rs 66 crore per year”. “The total tenure of the deal is 10 years and the rentals will increase by 15% every three years as per the rental escalation clause agreed upon by both the entities.”

Source : ET Realty