Global international real estate firm Hines and DNR Group, a local developer in Bengaluru, on April 11 announced the launch of DNR Nagavara spread across an area of 2 million sq ft of leasable area. This is the second office project being developed by the two companies.
With DNR as the project owner and Hines the development manager in this project, the total leasable area of the project is estimated to be two million square feet and is expected to be completed by Q4 2026, the company said in a statement.
The project will be built on an 11.3-acre land parcel and is located in a micro market adjacent to Manyata Tech Park and Karle Town Centre in north Bengaluru with views of the Nagavara Lake.
“We entered the Bengaluru office development business with DNR group in 2020 and today it has grown to be our largest project portfolio in the country. Hines and DNR have established a successful partnership, which has laid the foundation for us to come together again and expand the relationship to build yet another Grade-A office project. The Nagavara project will be attractive to both built-to-suit and multi-tenanted options for our occupier partners,” said Amit Diwan, senior managing director and country head of Hines India.
Vipul Kumat, managing director, DNR Group said “We have had an excellent partnership in Yeshwanthpur, with DNR and Hines creating what will be a best-in-class project in the location. With our joint experience, we shall develop a world-class project to meet the needs of the occupiers in a post-COVID environment. We believe a local-global partnership provides unique benefits to tenants that neither can do alone as successfully.”
DNR and Hines’ partnership began with DNR Altitude in July 2020. The asset is currently in development on a four-acre land parcel owned by DNR Group in Yeshwantpur, a rapidly transforming corridor in Bengaluru.
Hines has completed two commercial projects 'One Horizon Center' and 'Skyview Corporate' in Gurugram comprising 1.4 million sq ft. It has exited from investments in these two projects. The company is also developing four housing and four commercial projects across major cities.
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