AMB has today declared a large lease deal involving Embassy Office Parks REIT and the Commonwealth Bank of Australia (CBA) to let 800,000 sq ft of office space in Bengaluru. Another feature of the agreement is the possibility to increase the area rented by an additional 600,000 square feet.
CBA will occupy a newly leased Embassy REIT’s state-of-the-art office in the ‘Embassy Manyata project after having signed an ATL. This project is one of the largest business park projects in Asia and the premier business park project in India.
Large Office Area with Expansion Possible
The new office space is currently being designed as a full-service build-to-suit, to finalize construction, as well as fit-outs, by the fourth quarter of 2026. This lease is a new achievement of Embassy REIT as it is to be the largest Embassy developed for its use.
The Chairman & Managing Director of Embassy Group, Jitu Virwani, was also pleased to continue the existing business relationship with CBA. “We are very pleased to continue our relationship with one of the leading financial organizations in the world,” Virwani said.
An EPZ that attracts international financial behemoths
Today, Embassy REIT is a popular choice among large financial institutions with the major banks with a combined market capitalization of USD 1 trillion conducting business in its business parks. ‘We are privileged to develop a campus for the CBA and we aim and expect to make a unique campus for the university’, said Virwani.
Speaking on the deal, Aravind Maiya, the Chief Executive Officer of Embassy RE IT: Said Maiya: “This is our largest built-to-suit lease so far; in the last few years, we have built five similar facilities with a gross area of more than 4 million sq ft for clients with very diverse and complex requirements for their real estate. ”
The strategic place and attractive list of projects
Embassy Manyata comprises over 120 acres of land and is nestled in North Bengaluru’s most sought-after growth area. The subject of the present work is Embassy REIT, a Real Estate Investment Trust – one of the first publicly traded REITs in India – managing office parks in Bengaluru, Mumbai, Pune, the National Capital Region, and Chennai with a total leasable area of 51 million square feet across 14 parks.
As for the composition of the property portfolio, a note should be made of the fact that Embassy REIT is currently focused on 37. It currently has 7 million sq ft of operating area completed, four business hotels are operating, two are under construction and the company has developed a 100MW solar park for powering its clients.
