Co-working firm BHIVE Workspace has leased 42,000 square feet of office space in Garudachar Palya of Mahadevapura suburb in Bengaluru, the company said in a statement shared on July 29.
“This marks our second collaboration with Brigade Group, following our purchase in Summit A on the 8th floor of the same development which has been running for past 1 year already,” the co-working player said its statement.
The new facility on the 7th floor of Summit B, is designed to support 1200-plus seats and includes features like collaboration zones, tech-enabled conference rooms, dedicated parking spaces, BHIVE said.
Also Read: Co-working firm BHIVE Workspace likely to launch IPO in the next two years
Located along the Outer Ring Road, Mahadevapura in East Bengaluru is home to several tech multinationals in the city.
"We are excited about strengthening our partnership with Brigade Group," said Shesh Rao Paplikar, Founder and CEO of BHIVE Group.
"This new signing supports our strategic vision to enhance our presence across Bengaluru's key business hubs. The location's proximity to essential amenities and transport links like the Metro Station, which is just a minute’s walk away, positions us well to cater to top-tier businesses," Paplikar added.
{{/usCountry}}"This new signing supports our strategic vision to enhance our presence across Bengaluru's key business hubs. The location's proximity to essential amenities and transport links like the Metro Station, which is just a minute’s walk away, positions us well to cater to top-tier businesses," Paplikar added.
{{/usCountry}}Also Read: BHIVE coworking leases commercial space from Adani Realty for ₹1.39 crore a month
As per the company statement, the latest lease is part of BHIVE’s broader strategy to expand its managed office space portfolio by 1 million square feet during the ongoing financial year. Of this, about 7-8 lakh square feet would be in the company’s home base Bengaluru, Paplikar told HT.com last month.
So far around 3 lakh square feet of space has been leased within Bengaluru in the ongoing financial year to add to a cumulative 1.8 lakh square feet till last fiscal.
Also Read: After Awfis, three major co-working firms mull Initial Public Offering in 2025: Sources
In the financial year 2024-25, BHIVE Workspace is aiming to double its revenue to ₹348 crore, alongside maintaining profitability. As reported earlier by HT.com, the company clocked ₹170 crore in total revenue alongside a net profit of ₹7 crore in the last fiscal.