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Boeing picks up 1.50 lah sq ft office space in Bengaluru

Monday, 15 Apr 2019
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Global aerospace company Boeing’s India arm has picked up over 1.50 lakh sq ft of office space in Hebbal locality in Bengaluru, Karnataka. The company has picked up the office space on a long-term lease spanning over nine years.

The company has leased the space in realty developer RMZ Corp’s commercial project RMZ Azure. Of the total tenure, lease rental for the initial three years is set at Rs 74 per sq ft a month, taking the total rentals to over Rs 13 crore per annum.

The agreement includes a rental escalation clause of 15 percent increase every three years. The deal has been inked and concluded recently. Boeing India has leased the office space for its research and development operations.

The company is currently undertaking fit-outs at the newly leased office and is expected to start operations from this premise from July 2019.

Boeing is looking to undertake work related mainly to data analytics and advanced environmental-friendly coating for next generation airplane health management tools and other software tools for airlines and airports to improve operations and reduce costs.

RMZ Azure is a recently completed commercial project with a total leasable area of four lakh sq ft. With this latest transaction, the property is 60 percent leased.

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