City-based realty firm Embassy Group has acknowledged that it has signed an agreement with global financial services firm JP Morgan to provide on lease 1.1 mln sqft premium office space in its project at Bengaluru. Embassy group is the country's leading commercial real estate developer with over 30 mln sqft of completed assets and another 20 mln sqft under various stages of development.
The developer has, in a statement, said that it has signed a long-term lease deal with JP Morgan for commercial office space at Embassy TechVillage project. Embassy shall develop a 1,100,000 sqft built-to-suit facility in phases, with the first phase likely to be delivered by the first quarter of 2021.
Spread over 103 acres, Embassy TechVillage is an integrated LEED platinum-rated business park with commercial, retail, hospitality spaces and is located on the Outer Ring Road, the heart of Bengaluru's IT corridor.
Jitu Virwani, CMD of Embassy Group, said: "This transaction reaffirms Embassy group's position as a preferred partner for top Indian and multinational corporates. We look forward to delivering a best-in-class campus for JP Morgan over the next few years."
Kalpana Morparia, CEO, South and Southeast Asia, JP Morgan, said: "Bengaluru is a critical technology hub for JP Morgan. Relocating to Embassy TechVillage will help us consolidate most of our offices in Bengaluru to one location."
The Embassy TechVillage project will also have a 500-room dual branded hotel that features a Hilton Hotel and a Hilton Garden Inn Embassy which has an extensive land bank across the country and has developed over 45 mln sqft of prime commercial, residential and retail space in India.