Embassy REIT, managed by Embassy Group, has secured a significant lease agreement with the Commonwealth Bank of Australia (CBA) for 1.4 million square feet of office space at Embassy Manyata Business Park in Bengaluru. Announced on August 21, 2024, this deal underscores the growing demand for premium office spaces in India’s key business hub.
As reported by the Money Control, the agreement includes an initial lease of 800,000 square feet, with an option for CBA to expand by an additional 600,000 square feet. The space will be customized into a built-to-suit solution, tailored to CBA’s specifications. Embassy REIT anticipates completing the facility, including all fit-outs, by the fourth quarter of 2026.
Embassy Manyata Business Park spans over 120 acres in North Bengaluru’s prominent growth corridor. The park features a range of amenities, including dual-branded Hilton hotels, food and beverage retail spaces, expansive food courts, and outdoor sports zones, making it a highly attractive location for global businesses.
Jitu Virwani, Chairman and Managing Director of Embassy Group, highlighted the significance of the extended partnership with CBA. “Embassy has been home to CBA for four years, and we’re delighted to extend our long-standing partnership with one of the world’s leading financial institutions. India continues to be a prime destination that offers both exceptional talent and top-tier office spaces. We’re proud to host some of the world’s leading banks with a combined market capitalization of $1 trillion in our parks. We look forward to delivering a world-class, one-of-its-kind campus to the Commonwealth Bank of Australia,” Virwani said.
Currently, Embassy REIT manages a portfolio of 51 million square feet across 14 office parks in Bengaluru, Mumbai, Pune, the National Capital Region (NCR), and Chennai. In July, Moneycontrol reported that Embassy REIT was considering the sale of its Embassy Quadron office campus in Pune’s tech-heavy Hinjawadi suburb. This planned sale aligns with the REIT’s broader strategy, as it is aggressively pursuing new acquisitions and has been fundraising through debt and other measures.
Following the declaration of its Jan-Mar and FY24 results, Embassy REIT announced plans for new developments totaling 6.1 million square feet over the next four years. Additionally, the REIT signed a deal to acquire the Embassy Splendid Techzone in Chennai from Embassy Group for INR 1,185 crore, with the acquisition completed in early June.
Embassy REIT’s lease agreement with the Commonwealth Bank of Australia highlights the company’s ability to attract major international clients and underscores the strong demand for high-quality office spaces in Bengaluru. With its strategic location and comprehensive amenities, Embassy Manyata remains a premier destination for global businesses looking to establish a significant presence in India.