Leading real estate developer Embassy Group today announced that it has signed a long-term lease deal with J.P. Morgan, the global banking and financial services provider, for premium commercial office space at Embassy TechVillage, Bengaluru.
Embassy shall develop a 1,100,000 sq. feet 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.
Jitu Virwani, Chairman and Managing Director, Embassy Group, said, “We are delighted to strengthen our existing relationship with J.P. 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 programs, seamless Infrastructure, hospitality and number of high-quality amenities. Embassy Group prides itself on maximizing its deep relationships with its diverse pool of corporate tenants, growing with them, adapting to their demands and the changing industry dynamics. We look forward to delivering a best-in-class campus for J. P Morgan over the next few years.”
Embassy TechVillage is a LEED platinum-rated business park and demonstrates high standards in terms of sustainability and minimizing environmental impact. It provides employees with best-in-class infrastructure and includes amenities like fitness and wellness centers, 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. The park users will also benefit from the proposed Kadubeesanahalli metro station that will be located just outside Embassy TechVillage, offering ease of public transportation and better connectivity.
Kalpana Morparia, CEO, South and Southeast Asia, J.P. Morgan, said, “Bengaluru is a critical technology hub for J.P. Morgan. Relocating to Embassy TechVillage will help us consolidate most of our offices in Bengaluru to one location. This also demonstrates our commitment to ensuring we have best-in-class facilities and infrastructure enabling us to continue meeting our client’s demands, better service their growing requirement and providing our employees with exceptional work environments.”
Embassy is one of the leading property developers in India with a track record of over three decades in real estate development. Embassy has an extensive land bank across the country and has developed over 45 million sq. feet of prime commercial, residential and retail space in India. Embassy’s portfolio of real estate developments spans the commercial, residential, industrial & warehousing, retail and hospitality segments of the real estate industry. Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. The Residential portfolio includes 8 million sq. feet completed, and 15 million sq. feet of ongoing and future development.