Siemens leases 730,000 sq ft space in Bengaluru at Rs 70 cr a year

The facility is part of a 1.6 mn sq ft complex at Hosur Main Road. Deal tenure is nine years with a two-month rent-free period and 8% escalation after 14 months

Topics
Siemens | business news today | Bengaluru

Raghavendra Kamath  |  Mumbai 

Global automation leader Siemens has taken up 730,000 square feet office space at Gold Hill Excelsior in Electronic City, said sources in the know. Siemens will pay a monthly rent of Rs 80 per sq ft or Rs 70 crore per year.

When contacted, a spokesperson said it is the part of company's consolidation strategy and it will move in new facility by March 2021. The property owner could not be contacted for comments. "The deal holds significance in the current scenario wherein current average rentals of fitted out spaces in the micro-market are ranging between Rs 68-80 per sq ft ...

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First Published: Fri, September 25 2020. 19:00 IST
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