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file photoIndian branch of US-based Cognizant Technology Solutions renews two lease deals for more than 627,000 square feet of office space in Pune‘S Hinjewadi Rajiv Gandhi IT Park,
The company has renewed the lease for five years through two agreements registered on April 28. Quadron Business Park,
The renewal assumes significance in the backdrop of the Nasdaq-listed information technology company’s announcement earlier this month that it would lay off 3,500 employees, or about 1% of its global non-billable corporate workforce, and real estate costs. Will give up office space to reduce in India. The total employee strength of the company is approximately more than 3.51 lakh employees.
Documents accessed by PropStack show that for the 260,000 sq ft space in Block 4, the company will pay a rent of Rs 1.25 crore per month under the new deal. For the space in Block 2, where it occupies 367,000 sq ft, the rent is Rs 2.10 crore per month. In all, it will pay over Rs 201 crore as rent during the five-year period.
The agreement for Block 4 is from October 2021 to October 2026, while for Block 2 it is from December 2022 to December 2027.
ET’s email query Cognizant Technology Solutions India remained unanswered at the time of going to press on Friday.
The commercial office segment, which was hit hard by the pandemic, has seen a strong pickup in demand in the last 3-4 quarters due to strong economic growth, increase in hiring and employees returning to office for work.
The office space segment has been witnessing a steady rise in deal activity so far, despite forecasts of a slowdown in western markets and its likely impact on Indian commercial real estate.
In the largest commercial real estate transaction this year, Bank of America recently leased an entire tower with office space spanning nearly 1 million square feet. Pune‘S Kharadi locality for nine years from realty developer Prestige Group.
In April, Deloitte Consulting India leased over 156,000 sq ft at Pune’s International Tech Park for 10 years lathe locality, as part of its India expansion plan.
Earlier, Germany-based research publisher Springer Nature had leased over 110,000 sq ft for 10 years at the Gera Commerzone Information Technology Special Economic Zone in Kharadi area.
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