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Flipkart inks largest lease deal with Embassy Group

E-commerce firm Flipkart has completed the country’s single largest office space leasing deal signing up for a 2-million-sq-ft custom-built office campus in Bengaluru, according to reports in the media.

Flipkart will pay rent at Rs 50 a month per sq ft for 2 million sq ft. The deal is for 20 years.

The company will move all its operation from multiple offices to one location. It currently occupies 5 lakh sqft across the southern city. Its office space includes 106,000 sqft in Mantri Commercio, 37,674 sqft in Salarpuria Tech Point and 9,000 sq ft in Brigade Court.

Bhhavesh Kamdar, head of leasing at Embassy Office Parks, was quoted as having said, “Embassy has recently completed the development of incubation of space for Flipkart and there are nearly 2,500 employees expected to move in this month while we deliver phase one of the campus after 24 months.”

“With the current supply-demand dynamics in Bengaluru, large occupiers who have better visibility of their business will find locking space in advance” as the way forward, said Juggy Marwaha, MD for South India at JLL, which was Flipkart’s adviser in the transaction.