Apple India has secured a significant long-term office lease in Bengaluru, marking one of its largest real estate commitments in the country to date.
The company has entered into a 10-year lease agreement for nearly 2.7 lakh sq ft of office space at Embassy Zenith, a property developed by Embassy Group. The leased floors span from the 5th to the 13th, with a carpet area of 196,179 sq ft, which expands to 268,737 sq ft when chargeable space is included.
The total rental outlay for the lease is valued at over Rs. 1,000 crore, with a monthly rent of Rs. 6.31 crore, equivalent to about Rs. 235 per sq ft per month.
The agreement also includes 362 dedicated parking slots, a security deposit of Rs. 31.57 crore, and an annual rent escalation clause of 4.5 percent.
Additionally, Apple has secured the option to lease more space on the ground through 4th floors, amounting to an extra 1.21 lakh sq ft. Should they exercise this option, their total Bengaluru office footprint could grow to nearly 4 lakh sq ft. This leasing move was reported by Hindustan Times.
The leasing move coincides with the commencement of iPhone 17 production by Foxconn, Apple’s major manufacturing partner, at its newly established Bengaluru facility, which is Foxconn’s second-largest iPhone manufacturing site outside China, built with an investment of approximately Rs. 25,000 crore.
