Samsung Research And Development Institute has renewed its lease for 4.02 lakh square feet space in Bengaluru’s Bagmane Goldstone tower, documents accessed by real estate data analytics platform Propstack showed.
According to the documents, the South Korean tech giant first took up the said space in Bagmane World Technology Centre, located in Mahadevapura of Bengaluru East, in 2019. The lease period extended till April 5, 2024, for 4 lakh square feet of space spread across several floors, alongside 562 car parking slots. The terms of the agreement included a rental fee of ₹80 per square feet a month, with escalation of 5% every year.
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The company has now renewed its lease for a period of 5 years, starting June 4, 2024, the documents showed. Additionally, a deposit of ₹40.4 crore was made by Samsung as part of the renewal agreement.
This latest agreement involves a monthly rental of ₹4.3 crore, at ₹102 per sq ft, set to increase subsequently by 5% every year. This amounts to an annual fee of over ₹50 crore for 4.2 lakh square feet of space spread across 11 floors, including the ground floor, per the documents.
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Bagmane World Technology Centre is spread across more than 52 acres on Marathahalli Outer Ring Road in Bengaluru.
The documents list SBG Software Private Limited as the lessor and Samsung Research And Development Institute India Bangalore Private Limited as the lessee.
Samsung R&D Institute India-Bangalore (SRI-B) is the brand’s largest research and development centre outside of South Korea.
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Meanwhile SBG Software is a part of Bengaluru-headquartered real estate major Bagmane Group, which has a strong presence in the commercial real estate market of the city, and has developed over 24 million square feet of office space in India. As per CRISIL Ratings, SBG owns and operates the Goldstone Tower in Bagmane World Technology Centre.
Email queries have been sent to both SBG Software and Samsung India, by HT Digital. The story will be updated once a response has been received.
