In a move that solidifies Bengaluru’s position as a premier destination for tech giants, Samsung has secured a renewed lease for a sprawling 402,000-square-foot office space in the city’s Bagmane Goldstone Tower. This extended five-year commitment, effective June 4th, 2024, signifies Samsung’s long-term vision for its Bengaluru operations.
The lease agreement comes at a premium, exceeding ₹50 crore annually, with a monthly rent of ₹4.3 crore and a per square foot rate of ₹102. Additionally, the deal includes a 5% annual escalation clause and a substantial upfront deposit of ₹40.4 crore.
This strategic decision by Samsung highlights Bengaluru’s growing prowess in the Indian tech landscape. The city boasts a robust tech ecosystem, fostered by a highly skilled workforce and a rapidly developing infrastructure. This combination has proven to be a magnet for major industry players, and Samsung’s continued presence underscores their belief in the city’s potential.
The premium rent paid by Samsung reflects not only the prime location of the office space but also their confidence in Bengaluru’s trajectory as a leading tech hub in India. This development will likely ripple effect, attracting further investment and solidifying Bengaluru’s position as a frontrunner in the nation’s technological revolution.
