URU: Microsoft is close to leasing about 0.6 million sqft office space with property developer Prestige as it looks to consolidate a part of its operations in Bengaluru, people familiar with the matter said.
The lease is for nine years and the company is expected to move into a standalone building, Prestige Ferns, on Outer Ring Road. The stretch is home to several multinationals including Uber,Cisco , JP Morgan and Accenture. Microsoft will pay about Rs 64 per sqft, which translates into annual rent of about Rs 46 crore, the people mentioned above said.
Prestige was not immediately available for comment. Microsoft in a statement said: "We have a large employee base in Bengaluru and they work out of different offices in the city. We regularly undertake strategic assessment of our real estate portfolio in Bengaluru to ensure we have the right long term plan in place to support business growth.We will share more details as we finalize our plans"
The built-to-suit office can house about 6,000 employees. Microsoft was initially looking for a bigger office space of about 1.1million sqft but is learnt to have chosen Prestige Ferns as it is in the heart of the city's IT corridor. Microsoft currently has three offices in Bengaluru. The new office will house the Microsoft R&D and sales team, among others
The lease is for nine years and the company is expected to move into a standalone building, Prestige Ferns, on Outer Ring Road. The stretch is home to several multinationals including Uber,
Prestige was not immediately available for comment. Microsoft in a statement said: "We have a large employee base in Bengaluru and they work out of different offices in the city. We regularly undertake strategic assessment of our real estate portfolio in Bengaluru to ensure we have the right long term plan in place to support business growth.We will share more details as we finalize our plans"
The built-to-suit office can house about 6,000 employees. Microsoft was initially looking for a bigger office space of about 1.1million sqft but is learnt to have chosen Prestige Ferns as it is in the heart of the city's IT corridor. Microsoft currently has three offices in Bengaluru. The new office will house the Microsoft R&D and sales team, among others
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