Bengaluru

Amazon leases 4.5 lakh sqft of office space in Chennai

 

The Indian unit of US-headquartered largest Internet-based retailer in the world, Amazon is taking up 450,000 sqft of office space on lease, in Chennai, marking the company’s second such deal this year. Just recently, Amazon India had leased 600,000 sqft of office space in Hyderabad which was the second-largest office space deal in the country so far this year.

 

All of this new office space will be taken up in two phases. In the first phase, Amazon will occupy 200,000 sqft, with an option to expand it to 450,000 sqft over the next one-and-a-half years.  Amazon will be paying a rent of about Rs 90 per sqft. The company is planning to occupy the first phase by first quarter of 2018. JLL was banker for the transaction which was closed in Q3 2017.

 

The new campus will come up at Ramanujan IT City, which is being executed by TRIL Infopark, a special purpose vehicle (SPV). The 4.6 mln sqft commercial property is a joint venture between TRIL, Indian Hotels Company (IHCL) and Tamil Nadu Industrial Development Corporation (TIDCO).

 

The second phase will be occupied above Rs 90 per sq ft rental, the highest so far commanded by any IT SEZ in south India. Amazon India has taken up more office space than rival Flipkart. The company occupies 3.1 mln sqft of office space in India, more than four times the 700,000 sqft that Flipkart has on rent. 
 

Written by The Realty Paper


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