Microsoft has signed a lease deal for nearly 1,50,000 sq ft of premium office space at KP Tower in Noida, Uttar Pradesh, through co-working operator WeWork.
KP Tower is part of the 12.5 acre Delhi One project, which was launched by the 3C Group and later went into insolvency.
Max Estates, the property arm of Max Group, is in the process of acquiring this prime commercial complex at the Delhi-Noida border through the National Company Law Tribunal (NCLT) resolution process for Rs 550 crore, which will be paid to the debtors in tranches over four years.
There are already four operational towers in the complex. One serviced apartment tower and four commercial towers are under construction.
Earlier in 2020, Microsoft had announced the launch of the India Development Centre (IDC) in Noida and had signed an agreement with the Uttar Pradesh government.
The deal has been signed at Rs 111 per sq ft, although the rental in Noida ranges between Rs 60-80 per sq ft.
Microsoft is also in talks to lease over 1.2 million sq ft office space in Bengaluru, Karnataka. The company currently occupies 5,50,000 sq ft in Outer Ring Road, Bengaluru.
Microsoft India has been on an expansion spree and leasing more office space in the last two years to house its growing employee population.
The company has operations in 11 cities in India and employs about 8,000 people across the country.