IBM signs lease agreement for 5 lakh sq ft office space in Bengaluru

Even as the work-from-home model has become the mainstay for many companies since the Covid-19 outbreak, technology giant IBM has signed lease agreements for 500,000 sq ft of office space in a special economic zone (SEZ) in Bengaluru.

For the upcoming project, the US-based company will pay a base rent of 52 per sq ft with a 15-year lock-in period.

According to two people familiar with the deal, the developer will be doing the fit-outs for IBM, which plans to use the space in Bhartiya City to consolidate its Bengaluru operations.

Bhartiya City is a 3 million sq ft office development in an integrated business park. The project includes both SEZ and non-SEZ components. Large technology firms have already leased 1.5 million sq ft at Bhartiya City.

In the non-SEZ portion, IBM is in talks with the builder for an additional 200,000 sq ft.

IBM renewed 6,25,000 sq ft of office space in Manyata Tech Park in 2020.

IBM is an American multinational technology corporation headquartered in Armonk, New York, with operations in more than 171 countries.

IBM is a multinational corporation that manufactures and sells computer hardware, middleware, and software, as well as hosting and consulting services in a variety of fields, from mainframe computers to nanotechnology. IBM is also a major research institution, having set the record for the most annual U.S. patents generated by a business for the past 28 years.

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