Bangalore News Real Estate

Embassy leases 1.5 lakh sq ft office space in Bengaluru to US firm Anthem

Embassy leases 1.5 lakh sq ft office space in Bengaluru to US firm Anthem

NEW DELHI: Realty firm Embassy group has given on lease about 1.5 lakh sq ft of office space in its commercial project at Bengaluru to US-based Anthem Inc.

Global property consultant Savills India helped Anthem Inc, which is into health insurance business, for this leasing transaction.

According to sources, Anthem Inc’s Indian arm Legato Health Technologies has taken on lease about 1.5 lakh sq ft of office space in ‘Embassy Manyata Business Park’ project and may lease about 50,000 sq ft more area in this project.

The US firm, which appointed Savills India as transaction as well as project manager for this deal, would use this space for its captive backoffice work, sources said, adding that the deal has been done at a rent of about Rs 75-80 per sq ft per month.

When contacted, Embassy group spokesperson did not offer any comment immediately.

Savills India Country Manager (Tenant Representation) Bhavin Thakker, too, declined to comment on this deal.

Anthem is also looking to lease about 2 lakh sq ft office space in Hyderabad, sources said.

Embassy Office Parks, a joint venture between Embassy group and global investment firm Blackstone, is a leading private owner and operator of business parks in India. It has a portfolio of over 30 million sq ft of operational business parks and 13 million sq ft at various stages of development.

Embassy Manyata project is spread across 110.5 acre in North Bengaluru, with a potential built up area of 18.5 million sq ft of which 10.5 million sq ft is currently built.

PTI