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Embassy REIT’s portfolio comprises 37.7 million square feet of completed operating area, four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants. (Representative image) Photo: Bloomberg
Embassy Office Parks REIT has signed an agreement to provide on lease 8 lakh square feet prime office space in Bengaluru to global banking major Commonwealth Bank of Australia, with an option to expand leasable area further by 6 lakh square feet.
In a regulatory filing, Embassy REIT informed that the company has signed an Agreement to Lease (ATL) with the Commonwealth Bank of Australia (CBA) for a premium office campus of approximately 0.8 million square feet along with an expansion option of an additional 0.6 million square feet at ‘Embassy Manyata’ project, one of Asia’s largest and India’s most prominent business parks.
The new space is being designed as a comprehensive built-to-suit solution, and Embassy REIT expects to deliver the facility, including fit-outs in the fourth quarter of the calendar year 2026.
Embassy has been home to CBA for 4 years, and we are delighted to extend our long-standing partnership with one of the world’s leading financial institutions,” Jitu Virwani, Chairman & Managing Director of Embassy Group, said.
India continues to be a prime destination that offers both exceptional talent and top-tier office spaces, he said.
“We are proud to host some of the world’s leading banks with a combined market capitalisation of USD 1 trillion in our parks. We look forward to delivering a world-class, one-of-its-kind campus to the Commonwealth Bank of Australia,” Virwani said.
Aravind Maiya, Chief Executive Officer of Embassy REIT, said the landmark lease deal with CBA marks its largest built-to-suit project to date.
“In the last few years, we have developed five built-to-suit facilities comprising over 4 million square feet for global occupiers whose real estate needs are getting increasingly more sophisticated,” he said.
Spanning over 120 acres, Embassy Manyata is located in the prominent growth corridor of North Bengaluru.
Embassy REIT is India’s first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 51 million square feet portfolio of 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR) and Chennai.
Embassy REIT’s portfolio comprises 37.7 million square feet of completed operating area, four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 21 2024 | 3:45 PM IST
