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Goldman Sachs picks up 25 acres in Bangalore’s ORR

Add comment   |   December 13, 2011    09:20am   |Contributed by Indian Realty News

In what could be one of the largest land deals in Bangalore this year, global investment banking firm Goldman Sachs has signed up 25 acres of land on the Outer Ring Road. The land has a development potential of 2.5-million-sq-ft office space with an employment potential of 25,000. The space would be developed by Kalyani Developers.

An official of a real estate services firm, who did not wish to be named, told Business Line that Phase I of the development would be completed in 2013, while the second phase would be completed in 2015. According to him, the company has already signed a Letter of Intent with the developers. The company is looking at relocating completely from its existing offices in Manyata Tech Park and Embassy Golf Links, he said. Real estate analysts estimate that land in the Outer Ring Road area could be priced at about Rs 6,000 a sq ft.

Infosys too has recently signed up for 1 lakh sq ft SEZ space at Bagmane World Trade Centre on the ORR, which could be the Indian IT behemoth’s first non-captive space in the city. An Infosys spokesperson confirmed the development. Other important deals this year include Wipro (1.3 lakh-sq-ft SEZ space at Pritech Park on the ORR), Accenture (87,000 sq ft – Pritech Park), and Ericsson (3.5 lakh sq ft – Bagmane WTC) — all in Q1 of 2011. In the second quarter of this year, Cisco signed up for 3.75 lakh sq ft (Vrindavan Tech Village and Salarpuria Hallmark on the ORR) and Accenture (1.3 lakh sq ft at Pritech Park). In Q4 of 2011, Aricent Technologies took on lease 2 lakh sq ft (Prestige Etamin on the ORR) and Sunguard (2 lakh sq ft – Umiya Business Bay on the ORR).

Source: http://www.thehindubusinessline.com/markets/article2709596.ece?ref=wl_opinion

News Published Under:   Bangalore, Hyderabad, Mumbai, Pune, Real Estate Developers, Real Estate India | No Comments »



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