In a move that underscores a strategic shift towards operational consolidation, tech giant Cognizant has placed its longtime Chennai headquarters on the market with a price tag of ₹800 crore. This decision signals a significant change for the company, which has called the sprawling 15-acre Okkiyam Thoraipakkam campus its home for over two decades.
The decision to sell the Okkiyam Thoraipakkam property comes amidst a broader plan for Cognizant to streamline its presence within Chennai. The company aims to consolidate its operations into three of its existing, self-owned buildings located in MEPZ, Sholinganallur, and Siruseri. This move suggests a desire to reduce reliance on leased spaces, potentially leading to cost savings and increased control over office environments.
Market analysts suggest that Cognizant has already begun the process of surrendering leased office spaces across Chennai, including locations at prominent addresses like Ramanujan IT Park, DLF Cyber City, and St Mary’s Road offices in R.A. Puram. The company reportedly aims to finalize the sale of the Okkiyam Thoraipakkam campus by December 2024, paving the way for a more consolidated footprint within the city.
This strategic decision by Cognizant reflects a trend within the IT sector towards optimizing operational efficiency. As companies navigate a dynamic business environment, consolidating office spaces allows for better resource allocation, potentially leading to cost reductions and improved management of employee resources. While the sale of the Okkiyam Thoraipakkam campus marks the end of an era for Cognizant in Chennai, it also signifies the company’s commitment to adapting and streamlining its operations for the future. Local developers like Baashyaam Group and Casagrand are expected to be among the key contenders for the prime property, further emphasizing the continued attractiveness of Chennai’s IT Corridor.
