South India-based real estate developer Vaishnavi Group on Wednesday announced the leasing of 412,000 sq ft of office space to insurance major Navi Technologies at Vaishnavi Tech Square in Bengaluru. The realtor aims to expand its commercial footprint to meet the growing demand for Grade A commercial properties in the city.
The tech park is spread across 4 acres and offers a seating capacity for over 4,000 employees.
The Insurance major has leased the office for nine years and 11 months and will be paying a rent of over Rs 200 crore over the next five years for the office asset located in the Outer Ring Road in Bengaluru, the company said.
This comes on the back of a healthy demand for Grade A properties in Bengaluru, with efficient space planning and attractive amenities as employees return to work-from-office.
Darshan Govindaraju, director, Vaishnavi Group said, “With Vaishnavi Tech Square, we are offering a new-age design and amenities that enhance the overall satisfaction score of occupiers and is ushering in a new era of workplace which spurs innovation."
Meeting pods, large open spaces, ample natural light and sports infrastructure such as a gymnasium, running track, cycling track, table tennis and futsal court, are a part of Vaishnavi Tech Square.
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Vaishnavi currently has over one million square feet of commercial development under construction and 2.5 million square feet in the pipeline.
With 25 years of experience in developing quality real estate, the company has been the preferred partner for companies looking to expand their presence in India’s Silicon Valley. Last year, it leased 1.5 million square feet of commercial space to marquee occupiers, it said.
According to international property consultant Jones Lang LaSalle, India’s office market across the top seven cities–Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune–recorded a net absorption of 38.25 million square feet in 2022, hitting a three-year high. This comes on the back of increasing inflow of investments from foreign and domestic companies to spur growth in the world’s fastest growing market.