Bengaluru-based Embassy Group has announced the commencement of Embassy Zenith spread across an area of 2.27 acres with a total leasable area of approximately 5.5 lakh sq. ft.
The Grade A commercial space in Bengaluru’s prime CBD area will come up where the iconic Le Méridien Hotel once stood, the company said.
The construction of Embassy Zenith is likely to commence in the third quarter of the financial year 2021-22, and will be completed by December 2023. Mac Charles (India) Ltd., previous owners of the erstwhile Le Méridien Hotel will project manage the development – Embassy Group had bought a 73.4% stake in the company in 2016.
Located at the premium Sankey Road, Embassy Zenith will overlook expansive views of the pre-eminent Bangalore Golf Course.
“In the past year, we have witnessed how India’s corporate sector have had to pivot to a work-from-home culture. Despite the significant challenges caused by the Covid-19 pandemic, organizations have demonstrated a definite desire to return to formal office spaces. Therefore, we are confident that India’s commercial realty sector will witness a steady growth curve," said Aditya Virwani, Chief Operating Officer, Embassy Group.
The launch of Embassy Zenith is another key step in transforming the commercial real estate landscape of Bengaluru and growing our portfolio of best-in-class office assets, creating sophisticated and high-tech work hubs. With the legacy of Bengaluru’s renowned Le Méridien Hotel, we anticipate that this state-of-the-art commercial space will thrive at this landmark location in the future, he said.
The upcoming commercial development will be designed by Andy Fisher Workshop from Singapore and cater to a marquee client base.
Founded in 1993, Embassy Group is one India's largest real estate conglomerates with a broad portfolio of over 62 million sq ft of prime commercial, residential and industrial space in India. Embassy has partnered with global investors including Blackstone and Warburg Pincus at the group and project levels. Embassy was a sponsor of India's first REIT, the largest office REIT in the Asia Pacific.
Leasing activity in the commercial real estate office market is expected to improve from January 2022 when select corporate houses may take a re-look at their space requirements before calling employees back to offices, and international travel may pick up on increased Covid-19 vaccinations, an analysis by ICICI Securities has said.
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