Siemens leases 730,000 sq ft space in Bengaluru at Rs 70 cr a year

The facility is part of a 1.6 mn sq ft complex at Hosur Main Road. Deal tenure is nine years with a two-month rent-free period and 8% escalation after 14 months

Global automation leader Siemens has taken 730,000 square feet (sq. ft) office space on rent at Gold Hill Excelsior in Electronic City, Bengaluru, said sources in the know.
 
Siemens will pay a monthly rent of Rs 80 per sq. ft or Rs 70 crore per year. When contacted, a company spokesperson said it was the part of company’s consolidation strategy and it would move in the new facility by March 2021.
 
The property owner could not be contacted for comments.
 
“The deal holds significance as the current average rentals of the fitted out spaces in the micro-market