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American technology giant intel has decided to sell its 250,000 sq ft office space on Old Airport Road Bangalore As part of efforts to monetize its real estate assets.
The deal, expected to exceed ₹450 crore, is estimated to follow a sale-cum-lease model for three years, with a lock-in period of one year for the property, said multiple people familiar with the matter. .
Several well-known builders actively participated in the bidding process for this highly sought-after property, and the deal is expected to be concluded in the near future, said the two people.
The move is based on the hybrid work model adopted by IT/ITeS companies, who continue to assess and optimize their space utilization to reduce costs. Intel is also looking at consolidating some offices in Bengaluru.
The company said in an email response to ET’s queries, “As a hybrid-first company, we are continuing to assess and optimize the use of our space to create more vibrant workplaces on site for our employees, as well Also cutting costs.” , “As such, we will consolidate some offices in Bengaluru. Bengaluru remains an important design and engineering hub for Intel, with approximately 14,000 employees in the region.”
Since last year, amid the global financial meltdown and layoffs by tech companies, many technology companies are consolidating and re-evaluating their real estate portfolios. This has led to a reduction in office absorption by them as they seek to reduce costs.
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