In the single largest office lease transaction in Thiruvananthapuram, real estate company Embassy Group, has leased 4.63 lakh sq ft of office space to Allianz in its Embassy Taurus Techzone project located in the city.
Allianz has taken up 463,704 square feet of the Grade-A office space, Embassy Group said in a statement.
This development records the largest single office lease transaction in the city, cementing Thiruvananthapuram as one of South India’s preferred IT/ITeS (Information Technology and IT-enabled Services) destinations, it said.
The 3 million sq. ft. world-class SEZ (Special Economic Zone) office space is being jointly developed by Taurus Investment Holdings India and Embassy Group in Taurus Downtown Trivandrum.
The handover timeline for the tenancy is scheduled for November 2022.
Located in a growth corridor 12 kilometres away from the International Airport, the expansive 21-acre integrated development will have access to food courts, banks, ATMs, day care, and healthcare centres. The LEED Gold-rated buildings will offer quality, sustainable and energy-efficient workspaces that are equipped to meet modern challenges and will host an end-to-end building management system.
“Allianz Companies’ lease at Embassy Taurus TechZone is the largest single office transaction of its kind in Thiruvananthapuram, and the beginning of recovery for the Indian Real Estate sector. This is a testament to how demand for large office spaces by blue chips has not been diminished by Covid-19, and we are confident that it will continue to grow," said Aditya Virwani, COO (Chief Operating Officer), Embassy Group.
"Embassy Group is poised to meet this mounting demand for Thiruvananthapuram’s booming IT, ITeS and BPM (Business Process Management) sector with our future-first, state-of-the-art and sustainability-centric office spaces,” he said.
Somesh Jauhari, CPO (Chief People Officer) for Allianz Technology India and Allianz Services India, said, “With this new space, we aim to consolidate our presence of close to two decades in Technopark, Thiruvananthapuram, across multiple buildings, by creating a modern and safe world-class working environment for our people and continuing to be a great place to work. This also reaffirms our commitment to further grow in this location that’s home to over 5,500 Allianz employees and remains one of the single largest locations for Allianz outside of Europe.”
“Taurus Downtown Trivandrum is one of the landmark projects of this government. Thiruvananthapuram is a growth centre for companies looking at Tier-2 cities as an option to consolidate or expand their businesses. Allianz has shown consistent commitment to growth in Thiruvananthapuram– their decision to expand to Embassy Taurus TechZone is a big boost to Technopark's growth story,” said John Thomas, CEO (Chief Executive Officer), Kerala IT Parks.
ETTZ, is a part of the Downtown Trivandrum project, a mixed-use development with seamless integration of commercial, retail, entertainment, and hospitality experiences.
A globally renowned co-working service provider will set up a facility at ETTZ, while Mexico-based Cinepolis will also set up Kerala’s largest 15-screen multiplex in the project, which will include Kerala’s first IMAX screen. The project on completion is expected to generate over 30,000 direct jobs.
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