Largest office space in Bangalore taken by Goldman Sachs
US banking group Goldman Sachs has agreed to take on lease 1.6 million sq ft of office space in Bangalore.
This will be the biggest recorded commercial property deal in India.
In the first phase of the transaction the investment bank initially taking up one million square feet. Another 600,000 square feet will be taken up in the second step of the transaction.
The project is located in the Sarjapur outer ring road, Bangalore. It is coming up on a 14 acres of land and will be completed on 2017. Kalyani Developers is constructing the property in Bangalore.
A deal for office space of this size suggests a major ramp-up by Goldman in India in the years ahead, with commercial property market experts estimating that one million square feet of space can seat around 10,000 people.
Previous largest single-location lease deals in India have been well short of the one million square feet mark. Previous deal by IT firm Cisco for 700,000 square feet office space in Bangalore.
Last month, Citigroup bought a building with 297,000 square feet of space in Mumbai’s Bandra Kurla Complex for Rs 985 crore to house its India headquarters.
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Real estate in Bangalore expects 25% growth in coming year
Source: Times of India
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