Samsung R&D Institute India-Bangalore Pvt Ltd has officially secured an extension of its lease for a substantial 4.2 lakh square foot property located in Bagmane Goldstone, part of the Bagmane World Technology Centre. The lease, spanning a period of five years, is set to initiate on June 4, 2024, and has been agreed upon at a monthly rental rate of Rs 4.3 crore. This was brought to light by Propstack, a consultancy and data firm that obtained the relevant lease documents.
This property, located within Bagmane’s IT/ITeS Special Economic Zone (SEZ), is noted as the largest software research and development center for Samsung beyond South Korea. According to the documentation acquired, the monthly rent will see an annual increment of 5%.
In terms of financial commitments, Samsung made a considerable deposit of Rs 40.4 crore, indicating an annual rental expenditure of approximately Rs 51.6 crore. The lease translates to around Rs 102 per square foot monthly for this prime Bengaluru location. The property, which is spread over 11 floors, is owned by SBG Software Private Limited.
Details within the documents reveal that the leased premises are equipped with 10 dedicated elevators and provide 562 parking spaces for tenants. Notably, Samsung had initially secured this lease back in February 2019.
The Bagmane World Technology Centre Park encompasses a total built-up area of 6 million square feet, situated over 52 acres of land, underscoring the significance of this commercial real estate location in the heart of Bengaluru's burgeoning IT landscape.
Despite multiple inquiries, Samsung has not yet provided a response to the media regarding this lease renewal.