Amid the continued expansion of Global Capability Centres (GCCs) in India, a major office leasing transaction has been recorded in Bengaluru. Embassy Office Parks REIT has leased approximately 830,000 sq ft of office space to Target Corp. India Pvt. Ltd., the India arm of US-based retail giant Target Corp., for its GCC operations at Embassy Manyata Business Park in north Bengaluru.
According to lease registration documents accessed by a real estate data analytics platform, the agreement is valued at around ₹1,250 crore over a rental period of 10 years. The deal is being seen as one of the largest GCC office leasing transactions in recent years.
As part of the agreement, Target will occupy 11 floors in a newly developed building named ‘Gulmohar’ within the business park. The company has also provided a security deposit of ₹52.36 crore.
The lease includes a rental escalation clause of 15% every 3 years, reflecting the long-term nature of the agreement and the growing demand for premium office spaces by multinational companies expanding their India operations.
The transaction highlights Bengaluru’s continued dominance as a preferred destination for Global Capability Centres, driven by its strong talent pool, technology ecosystem and world-class office infrastructure. The city has witnessed significant GCC expansion across sectors including retail, technology, financial services and manufacturing.
The latest agreement further strengthens Embassy Office Parks REIT’s position as a key provider of large-scale office infrastructure for multinational enterprises looking to establish and expand strategic operations in India.
With companies increasingly investing in GCCs to support global business functions, large office leasing deals such as this continue to reinforce India’s role as a major hub for enterprise operations and innovation.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.