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Bengaluru-based real estate developer Embassy Group has signed a long-term lease deal with JP Morgan, a global banking and financial services provider, for premium commercial office space at Embassy TechVillage, Bengaluru.
As part of the deal, Embassy is to develop a 1.1 million (11 lakh) square feet of built-to-suit facility in phases, with the first-phase expected to be delivered by the first quarter of 2021.
Spread over 103 acres, Embassy TechVillage is a people-centric integrated business park with commercial, retail, hospitality spaces, and is located on the Outer Ring Road, the heart of Bengaluru’s IT corridor.
Embassy TechVillage is a LEED platinum-rated business park which demonstrates high standards in terms of sustainability and minimising environmental impact. It provides employees with best infrastructure and has amenities like fitness and wellness centres, crèche and multi-cuisine F&B experience.
Additionally, there will be a 500-room dual branded hotel that features a Hilton Hotel and a Hilton Garden Inn, which will provide an elevated service for the corporate occupiers within the work environment.
Jitu Virwani, Chairman and Managing Director, Embassy Group, said, “We are delighted to strengthen our existing relationship with JP Morgan. This transaction reaffirms Embassy Group’s position as a preferred partner for top Indian and multinational corporates. As a key differentiator, Embassy’s business parks offer the entire integrated eco-system, which includes collaborative partnerships with corporate occupiers, park-user outreach programmes, seamless infrastructure, hospitality and number of high-quality amenities.”
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. This also demonstrates our commitment to ensure that we have best-in-class facilities and infrastructure to meet our client’s demands, better service their growing requirement and provide our employees with exceptional work environment.”
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