Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space to Texas Instrument Pvt Ltd, a semiconductor manufacturer in Bengaluru, for a monthly rent of Rs 1.4 crore, documents accessed by Propstack showed.
The leased property is situated at Bagmane Tech Park, Lake View in CV Raman Nagar. The date of signing the lease agreement was August 13, 2023.
The lease tenure is five years and the rental period starts from January 1, 2024.
The documents show the lease includes six floors with a deposit of Rs 12.8 crore.
The lease will have a further rental escalation of five percent every year.
The rental rates for the lease are as follows, Rs 135 per sq ft between January and December 2024, Rs 141.75 per sq ft for the same period in 2025, Rs 148.84 per sq ft for the year 2026, Rs 156.28 per sq ft for 2027, and Rs 164.09 per sq ft for 2028.
The agreement also includes 288 parking slots charged at Rs 4,000 per slot.
For the maintenance charges, Texas Instrument Pvt Ltd has to pay Rs 13.3 per sq ft between January and December 2024 with an escalation of 5 percent every year.
A list of questions has been sent to Bagmane Developers and Texas Instrument.
In October last year, Bagmane Developers leased 6.21 lakh sqft of office space for nine years in a building named Bagmane Capital- Ankor in Bengaluru to IT firm Qualcomm India for a monthly rent of Rs 5.90 crore per month.
And in March 2023, Amazon Development Centre leased 6.5 lakh sq ft in Constellation Business Park-Taurus II, developed by Bagmane Developers.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
