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Blackstone arm leases 4.5 lakh sq ft of office space in Bengaluru for five years
Bengaluru real estate: Blackstone COE India Private Limited has leased 4.5 lakh sq ft across 10 floors for a monthly rent of nearly ₹4.16 crore for five years
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Blackstone COE India Private Limited has leased 4.5 lakh sq ft in Bengaluru across 10 floors for a monthly rent of ₹4.16 crore for five years, with 15% rental escalation every three years, according to documents accessed by Propstack.
The company leased the space in a building known as Prestige Lakeshore Drive, and the landlord is Prestige Beta Projects Private Limited.
Blackstone's Centre of Excellence leased the ground and nine floors. The rent works out to be ₹92 per sq ft per month, the documents showed. It comes with a 15% escalation every three years, as per the Lease Deed.
The lease provides a 10-month rent-free fit-out period, starting on January 3, 2026, until rent commencement on November 3, 2026. Additionally, the agreement specifies a mandatory 3-year lock-in period from the lease commencement date.
The transaction includes 453 dedicated parking slots (calculated at 1 slot per 1,000 sq ft) across the basement and the multi-level car park (MLCP), charged at ₹5,000 per slot per month (totalling ₹22.65 lakh per month), as per the documents.
Blackstone and Prestige could not be reached for a comment.
According to Raja Seetharaman, co-founder Propstack, Bengaluru continues to be the magnet for high-value GCC expansion, and Blackstone committing to over 4.5 lakh sq ft at Prestige Lakeshore Drive underscores that momentum.
“At ₹92 per sq ft, institutional occupiers are clearly willing to pay for scale and grade-A quality. This multi-floor commitment highlights sustained confidence in India's top tech corridors as global enterprises expand their captive centers of excellence,” he said.
According to a report by Knight Frank India, GCC expansion remains the principal structural driver, and its footprint is widening. GCC leasing rose 19% YoY in Q3 2026 to 0.63 mn sq m (6.8 mn sq ft), with Hyderabad capturing 42%. Bengaluru remains the leading GCC destination YTD, although its share of the segment has eased to 36% from 48% as Hyderabad, Mumbai and Pune have gained.
Similar commercial real estate deals in Bengaluru
In a statement on July 1, real estate firm Prestige Group had announced the "signing of a Letter of Intent (LOI) with HSBC for the development of its new fully integrated campus at Prestige JRC Signature Towers, located on Bengaluru's Outer Ring Road". Under the proposed arrangement, HSBC will occupy two towers, comprising about 1.2 million sq ft of office space.
According to a recent Cushman & Wakefield’s Q3 2026 Office MarketBeat report, net leasing of office space fell 20% annually in the January-September period to 36.7 million sq ft across eight major cities on limited fresh supply of quality workspaces and high base effect, according to Cushman & Wakefield. Net leasing stood at 46 million sq ft in the year-ago period.
Bengaluru, the country's biggest office market, saw a 16% increase in net office leasing to 11 million sq ft from 9.5 million sq ft.
