Memory chip maker Micron Technology leases 10.43 lakh sq ft in Hyderabad

Micron Technology has leased 10.43 lakh sq ft of office space in Hyderabad.

Micron Technology has leased 10.43 lakh sq ft of office space for 10 years in Hyderabad at a monthly rent of Rs 6.8 crore, according to documents accessed by Propstack.

Micron Technology Operation India Limited Liability Partnership, a manufacturer of memory chips and provider of storage solutions, has taken up ground plus 16 floors in the Phoenix Aquila building located in Gachibowli.

The lease agreement was executed on May 2, 2023. The company has paid a deposit of Rs 40.69 crore for the transaction, and the monthly rent amounts to Rs 65 per sq ft.

The lease includes an option for two additional terms of five years each, and the company will have access to 1430 reserved car parking spaces for every 830 sq ft of leasable area.

The office space has been leased from Phoenix IT Hub Private Limited. Emails have been sent to both Micron Technology and Phoenix India for further information.

According to a report by Knight Frank India, the January-March 2023 quarter witnessed the leasing of 11.3 million square feet (msf) of office space.

Bengaluru led this segment with 3.5 msf of office space being leased during this period, followed by NCR (2.6 msf) and Mumbai (2.2 msf). These three major markets accounted for 73 percent of the transacted area and experienced positive year-on-year (YoY) growth.