Embassy Office Parks signs Flipkart for 3 mn sq.ft. office spacepublished 19th October, 2014
Embassy Office Parks, the joint venture between Embassy Group and Blackstone, at weekend announced that it has signed one of the largest commercial real estate leasing deals in India with Flipkart, an e-commerce marketplace. It has signed up for over 3 million sq ft of office space to be taken up in phases at the Embassy TechVillage in Bangalore.
The office premises, with fit-outs, for an initial 1.5 million sq ft is expected to be delivered within 24 months. There is an option to increase this to 3.25 million sq ft over the next 3 years to 5 years, Embassy Group said in a statement.
Jones Lang LaSalle acted as advisers on the deal. However, financial details were not disclosed by the company.
“In terms of area, the deal is the largest-ever single commercial real estate leasing deal in India,” the statement said.
CNBC interview with Mike Holland – CEO, Embassy Office Parkspublished 15th July, 2014
Mike Holland CEO Embassy Office Parks on the NDTV Prime Property Showpublished 27th May, 2014
CNBC TV covers Embassy TechVillage acquisitionpublished 9th May, 2014
Embassy Office Parks buys Vrindavan Tech Villagepublished 2nd May, 2014
MUMBAI, MAY 2: Embassy Office Parks has completed the acquisition of Vrindavan Tech Village (VTV) with a valuation of Rs. 1951 crore in one of the largest commercial real estate transactions in India. Following the acquisition of controlling stake in Embassy Tech Village the park has been renamed as Embassy TechVillage.
Embassy Office Parks is an equally owned joint venture between Bangalore based commercial property developer Embassy Group and U.S. based private equity major Blackstone Group.
Embassy Tech Village is a 106 acre development located in Bangalore’s IT corridor in Outer Ring Road.