ExxonMobil Services and Technology, a subsidiary of the global energy giant ExxonMobil Corporation, has reaffirmed its commitment to Bengaluru’s thriving IT landscape by renewing its lease for a massive 5.31 lakh square feet of office space in the bustling Whitefield area. This decision underscores the sustained demand for premium office properties in one of India’s leading tech corridors.
ExxonMobil’s Lease Renewal Details
The lease, which spans a duration of five years starting November 1, 2023, is located within the esteemed Prestige Shantiniketan tech park. ExxonMobil’s offices occupy multiple floors across two buildings, Crescent 1 and Crescent 2. The monthly rental agreement amounts to ₹2.60 crore, with a fixed rate of ₹49 per square foot, subject to a 15% escalation every three years.
| Lease Details | Information |
|---|---|
| Office Space | 5.31 lakh sq ft |
| Location | Prestige Shantiniketan, Whitefield |
| Monthly Rent | ₹2.60 crore |
| Lease Duration | 5 years (Nov 2023 – Oct 2028) |
| Escalation | 15% every 3 years |
Strategic Location and Infrastructure
Whitefield is renowned as a major business hub, attracting numerous global corporations due to its robust infrastructure and high-grade office inventory. Prestige Shantiniketan, where ExxonMobil is headquartered, is one of the pioneering integrated business parks in this region, offering a blend of commercial, residential, and retail spaces.
“The decision to renew the lease in Whitefield reflects ExxonMobil’s commitment to maintaining a strong presence in this key tech hub, leveraging the area’s excellent connectivity and talent pool,” commented a spokesperson from ExxonMobil.
Other Significant Transactions in Bengaluru
Bengaluru continues to witness significant leasing activity, driven by the demand from global capability centres and tech firms. Noteworthy transactions include Amazon’s massive lease in North Bengaluru, which started in October 2024, and Google’s renewal of its lease in East Bengaluru.
- Amazon Development Centre India: Leased over 1 million sq ft in Kattigenahalli, North Bengaluru.
- Google IT Services India: Renewed 8.7 lakh sq ft in Bagmane Capital Business Park, East Bengaluru.
Q1
What are the terms of ExxonMobil’s renewed lease in Bengaluru?
The lease covers 5.31 lakh sq ft in Prestige Shantiniketan, with a monthly rent of ₹2.60 crore, and is valid from November 2023 to October 2028, with a 15% escalation every three years.
Q2
Why is Whitefield a preferred location for corporate offices?
Whitefield offers excellent infrastructure, connectivity, and a large talent pool, making it a desirable location for global corporations seeking premium office space.
Q3
What other major leasing activities have been recorded in Bengaluru?
Significant leases include Amazon’s agreement in North Bengaluru and Google’s renewal in East Bengaluru, highlighting the city’s robust commercial real estate market.
Q4
How does Prestige Shantiniketan accommodate large corporate occupiers?
Prestige Shantiniketan offers integrated facilities with commercial, residential, and retail zones, catering to the needs of large-scale corporate operations.
Q5
What impact do infrastructure developments have on Bengaluru’s office market?
Infrastructure upgrades, such as metro connectivity, enhance accessibility and tenant retention, supporting the city’s status as a commercial real estate hub.
In conclusion, ExxonMobil’s lease renewal in Whitefield is a testament to the enduring appeal of Bengaluru as a premier destination for corporate occupiers. The city’s strategic location, coupled with ongoing infrastructure developments, continues to attract significant investments from global companies, ensuring its position as a leading commercial real estate market in India.