Bengaluru-based 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, documents accessed by Propstack showed.
The deal covers ground plus 12 floors and the lease period starts from April 2024 and is for 108 months, that is around 9 years, the documents revealed.
Also Read: Morgan Stanley leases 1.36 lakh sq ft office space in Bengaluru
There is a provision for rent escalation of 15 percent after every 36 months or three years and the security deposit works out to be Rs 47.25 crore.
The effective lock-in period for the deal will be 42 months and the office space comes with 829 parking spaces, the documents added.
Both Qualcomm India and Bagmane Developers could not be reached for comment. A query has been sent to the executives who signed the lease agreement from both the companies.
Also Read: Bengaluru office vacancy to rise in H2 2023; retail rentals remain flat: Report
Earlier, Google had leased out over 29 lakh square feet (sqft) of space in Bengaluru through six separate deals with a monthly rent in the range of Rs 58 per sq ft to Rs 230 per sq ft. This is followed by Amazon Development Centre leasing 6.59 lakh sqft of office space in Bengaluru for five years and will pay rent at the rate of Rs 72.74 per sq ft per month.
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