Bengaluru-based Bagmane Developers Pvt Ltd has leased 2.23 lakh sq ft of office space at Bagmane Tech Park in Lake View, to semiconductor manufacturer Texas Instrument Pvt Ltd for a monthly rent of INR 1.4 crore. The five-year lease agreement, effective from January 1, 2024, includes a deposit of INR 12.8 crore and entails a yearly rental escalation of 5%. This follows Bagmane Developers' previous strategic leasing deals, including transactions with Qualcomm India and Amazon Development Centre, underscoring the company's prominent role in meeting the demand for commercial real estate in Bengaluru.
Bagmane Developers Pvt Ltd, based in Bengaluru, has reportedly leased 2.23 lakh sq ft of office space at Bagmane Tech Park, Lake View in CV Raman Nagar, to Texas Instrument Pvt Ltd, a semiconductor manufacturer in Bengaluru. The lease agreement, signed on August 13, 2023, spans five years with a monthly rent of INR 1.4 crore starting from January 1, 2024. Additionally, the agreement includes 288 parking slots charged at INR 4,000 per slot and maintenance charges of INR 13.3 per sq ft with a 5% annual escalation.
The deal underscores the sustained demand for office spaces in Bengaluru's thriving real estate market. Situated in the prominent CV Raman Nagar, the property comprises six floors and involves a deposit of INR 12.8 crore. The lease agreement outlines a rental escalation of 5% annually, ensuring a competitive and dynamic leasing arrangement.
The rental rates for the leased space are structured as follows: INR 135 per sq ft between January and December 2024, INR 141.75 per sq ft in 2025, INR 148.84 per sq ft in 2026, INR 156.28 per sq ft in 2027, and INR 164.09 per sq ft in 2028. This tiered approach to rental rates reflects an understanding of market dynamics and provides a transparent and predictable framework for both parties involved.
In addition to the leased space, the agreement encompasses 288 parking slots contributing to the overall convenience and accessibility of the office premises. Each of the slots are charged at INR 4,000, and the maintenance charges are set at INR 13.3 per sq ft between January and December 2024, with an annual escalation of 5%. This comprehensive arrangement ensures that the lessee, Texas Instrument Pvt Ltd, not only benefits from a strategically located and well-equipped office space but also has clear visibility into the associated costs and charges.
Bagmane Developers has been actively involved in leasing office spaces, with notable transactions in recent months. In October of the previous year, the company leased 6.21 lakh sq ft of office space in Bagmane Capital- Angkor to IT firm Qualcomm India for a monthly rent of INR 5.90 crore. Additionally, in March 2023, Amazon Development Centre leased 6.5 lakh sq ft in Constellation Business Park-Taurus II, developed by Bagmane Developers. These transactions highlight Bagmane Developers' continued success in meeting the growing demand for commercial real estate in Bengaluru, reaffirming the city's status as a key hub for corporate and technology-related activities.
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