Apple India Private Limited has signed a 10-year lease for a 2.7 lakh square foot office space in Bengaluru. According to a report by Business Standard, the real estate deal, valued at a total of Rs 1,010 crore, marks a major expansion for Apple in India. The new office, located in Embassy Zenith on Sankey Road in the upscale Vasanth Nagar area, is set to be Apple’s second and potentially largest office in India’s tech hub. Industry experts suggest it could accommodate over 1,200 employees and may be one of the largest single-tenant office leases in Bengaluru’s commercial real estate market.

Apple India Bengaluru office lease details and financials

Citing lease documents from real estate data firm Propstack, the report said that Apple will occupy the 5th through 13th floors of the building. The agreement covers a carpet area of 196,179 sq ft, or 268,737 sq ft when including chargeable areas. The monthly rent is reportedly set at Rs 6.315 crore, which works out to an effective rate of Rs 235 per square foot. A 4.5% annual escalation clause is included in the lease, ensuring a steady increase in rent over the 10-year term. To secure the agreement, Apple paid a security deposit of Rs 31.57 crore.In addition to the base rent, the total outlay of Rs 1,010 crore covers common area maintenance (CAM) fees and charges for car parking. The building is owned by Mac Charles (India) Limited, an affiliate of the Embassy Group.

Apple’s expansion plans in India

Apple has also expressed interest in nearly doubling its footprint within the same building by leasing the ground to fourth floors, an additional 121,203 sq ft. If this expansion proceeds, Apple’s total office space in Embassy Zenith would be close to 4 lakh sq ft. This move aligns with Apple’s broader strategy to scale up its presence in India, which includes increasing local production and opening new retail stores. The company, which launched its first two flagship retail stores in Mumbai and Delhi in 2023, has plans for four more stores in Bengaluru and Pune.This new lease comes after Apple’s 2021 agreement for a 1.16 lakh sq ft space in Prestige Minsk Square, also in central Bengaluru, where operations began in 2023. Apple has also recently secured retail spaces in Oberoi Sky City Mall in Borivali, Mumbai, and Batrayanpura, Bengaluru.