In one of Bengaluru’s largest commercial real estate deals, global semiconductor display equipment manufacturer Applied Materials has leased 8.06 lakh sq ft of office space in Whitefield for ₹855 crore over 10 years, according to documents accessed by Propstack. The deal translates to a monthly rent of ₹5.97 crore.
The office space is in the ITPB-Endeavour (MTB 6) building, with the 10-year lease commencing on April 1, 2025. The agreement entails a total rent outlay of about ₹855 crore over the tenure, with a 15% escalation every three years and a security deposit of ₹35.8 crore, according to the document.
The leased space covers the ground and 15 upper floors in the ITPB-Endeavour complex, managed by Information Technology Park Limited (ITPL), at a monthly rent of ₹74 per sq ft.
Applied Materials has secured a hard option to lease an additional 3 lakh sq ft in the upcoming Tower 8, expected to be ready by October 1, 2027, the documents said.
The ITPB-Endeavour (MTB 6) building is located within the International Tech Park Bangalore (ITPB) in Whitefield, Bangalore, India. It is a commercially leased building on Pattandur Agrahara Road.
Email queries have been sent to Applied Materials and Information Technology Park Limited. If a response is received, the copy will be updated.
{{/usCountry}}Email queries have been sent to Applied Materials and Information Technology Park Limited. If a response is received, the copy will be updated.
{{/usCountry}}In 2022, Applied Materials acquired a nearly 10-acre land parcel and built-up office space spread over 2.6 lakh sq ft in Bangalore’s Whitefield Industrial Area for ₹338 crore. The California-headquartered company’s India subsidiary has acquired the built-up space across five office blocks in Export Promotion Industrial Park (EPIP) phase II.
Semiconductor industry gaining momentum
Union Information and Broadcasting Minister Ashwini Vaishnaw on September 2 presented India’s first indigenously developed Vikram 32-bit chip to Prime Minister Narendra Modi at the Semicon India 2025 conference. Calling semiconductors the “digital diamond” of the modern era, PM Modi said, “Oil was black gold, but semiconductor chips are a digital diamond.
Also Read: ₹1,010 crore">Apple expands India footprint, leases 2.7 lakh sq ft office space in Bengaluru for 10 years at ₹1,010 crore
Major office transactions in Bengaluru
Earlier, IT major Tata Consultancy Services (TCS) had signed one of Bengaluru’s largest commercial real estate deals, leasing 1.4 million sq ft of office space for ₹2,130 crore over 15 years, documents accessed by Propstack show.
The office space is spread across Towers 5A and 5B in the city’s southern IT corridor of Electronic City at 360 Business Park. The lease covers 6.8 lakh sq ft in Tower 5A and 7.2 lakh sq ft in Tower 5B, with a consolidated monthly rent of ₹9.31 crore at a rate of ₹66.5 per sq ft. The documents showed that TCS has also provided a security deposit of ₹112 crore.
Last month, Apple India Pvt Ltd leased around 2.7 lakh sq ft of office space in real estate developer Embassy Group’s project Embassy Zenith in Bengaluru for a 10-year term, with a total rental outlay of over ₹1,000 crore, setting a benchmark with lease rates touching almost ₹235 per sq ft per month.
The iPhone and iPad maker has leased nine floors, from the 5th to the 13th, with a carpet area of 1.96 lakh sq ft and a chargeable area of 2.68 lakh sq ft in Bengaluru’s Sankey Road from Mac Charles (India) Ltd. Apple will pay ₹6.31 crore per month, translating to ₹235 per sq ft.