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JP Morgan Services India Private Limited has leased 5.6 lakh square feet of office space in Bengaluru’s Embassy TechVillage for a period of over 7 years at a starting monthly rent of ₹4.47 crore, documents accessed through real estate data analytics platform Propstack showed.
The leased space includes several units spread across 11 floors, including the upper ground floor, in Block 8D of the business park. Terms of the agreement also include access to parking space for 724 cars, the documents showed.
Also Read: Embassy REIT leases 8 lakh square feet to Commonwealth Bank of Australia in Bengaluru
Embassy Tech Village is an integrated office park spanning over 84 acres on the Outer Ring Road between Marathahalli and Sarjapur Road. It comprises a total of 27 blocks. The complex has about 7.2 million square feet of constructed and leased office space, with another 1.9 million square feet under construction, the documents showed.
The 86-month lease period will see rent escalation of 15% every 3 years, to ₹92 per sq ft per month starting November 2027 and ₹106 per sq ft per month from November 2030 onwards, per the documents. It names Vikas Telecom Private Limited as the lessor.
Also Read: WeWork India leases over 1.4 lakh sq ft office space in Bengaluru, Noida
According to information available on the official website of Embassy REIT, Vikas Telecom Private Limited owns 6.2 million square feet of completed office property, approximately 1.9 million square feet of under construction area and 518 proposed hotel keys along with associated common area maintenance services in Embassy TechVillage.
Details of the agreement
As per the terms agreed to by both parties in the lease deed, the deal can be renewed up to two times for a period of 5 years each, subject to certain conditions. The initial term, which includes a lock-in period of 60 months, ends on December 31, 2031.
Also Read: Google leases new office in Bengaluru for ₹4 crore monthly rent: Report
The agreement also includes a security deposit equivalent to six months of rent or of ₹26.86 crore, to be paid in two installments. J P Morgan has leased several offices across Bengaluru, Mumbai and Hyderabad.
Queries have been sent to both JP Morgan Services and Vikas Telecom on mail by HT.com. The story will be updated if/when a response is received.
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