Tata Realty Leases 1.56 Lakh sq ft Office space to Johnson Controls, PepsiCo in Gurugram

Tata Realty Leases 1.56 Lakh sq ft Office space to Johnson Controls, PepsiCo in Gurugram

In the next 24 months, the leasing will gross an operating income of approximately Rs 27 crore, the company said in a statement

Tata Realty and Infrastructure Limited (TRIL), a subsidiary of Tata Sons, said on May 4 it leased over 1,56,000 sq ft in its commercial projects in Gurugram to Johnson Controls and PepsiCo.

The leasing will gross an operating income of approximately Rs 27 crore in two year, the company said in a statement.

“We are pleased to announce this partnership with PepsiCo and Johnson Control and look forward to building and supporting the workspaces of tomorrow,” said Sanjay Dutt, MD and CEO, Tata Realty and Infrastructure Ltd.

Johnson Control has leased 85,000-square-foot office space in Intellion Park Gurugram, a podium-style IT/ITeS SEZ campus, for setting up its global capability centre, the first for the company in India. It has the potential to grow to 0.5 mn sq ft, it said.

CBRE South Asia Pvt Ltd, India’s leading real estate consulting firm, facilitated the deal.

PepsiCo signed for approximately 71,000 sq ft of space at Intellion Edge spread across eight acres of in Gurugram’s Sector 72. It is one of the flagship commercial office projects, with 1.6 million sq ft of office space housing Vistara’s head office, Genpact, TaskUs, Simpliworks by Google, etc, with three towers and a high-street retail.

Intellion Park incorporates sustainability, technology, and wellness innovations and is spread over 25 acres and comes with LEED Platinum pre-certification, the statement said.

“With office absorption expected to cross 40 million sq ft in 2022, we anticipate that a sustained drive in leasing activity would continue to bring a new focus on high-quality buildings by developers such as Tata Realty to differentiate their assets and attract occupiers,” said Anshuman Magazine, chairman and CEO- India, South East Asia, Middle East and Africa, CBRE.

Institutional grade A offices are becoming popular with global brands to ensure enhanced employee experience and therefore productivity in a post-COVID operating environment.

Tata Realty is known for establishing Grade A commercial developments in Chennai, Gurugram and Mumbai, the statement said.

Tata Realty is eyeing 10 million sq ft in the next three years and would secure approximately 45 million sq ft by 2027, the statement said.

Tata Realty and Infrastructure has a portfolio of more than 50 projects across 15 cities. It has developed around 16.8 million sq ft of commercial projects and has around 12 million sq ft of projects under development and planning.

Source : Money Control

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