Amazon leases 4.5 lakh sq.ft office space in Chennai

Amazon leases 4.5 lakh sq.ft office space in Chennai
21/10/2017 , by , in News/Views

The Indian unit of US retail giant Amazon has leased 450,000 sq ft of office space in Chennai, according to two people aware of the company’s plan, marking its second such deal this year.

Amazon India had recently leased 600,000 sq ft of office space in Hyderabad, the second-largest office space deal in the country so far this year.

“In the first phase, Amazon will occupy 200,000 sq ft, with an option to expand it to 450,000 sq ft over the next one-and-a-half years,” the persons cited earlier said, adding that JLL was banker for the transaction which was closed in Q3 2017.

The new campus will come up at Ramanujan IT City, which is being executed by TRIL Infopark, a special purpose vehicle (SPV). The 4.6 million-sq ft commercial property is a joint venture between TRIL, Indian Hotels Company (IHCL) and Tamil Nadu Industrial Development Corporation (TIDCO).

Both Amazon India’s spokesperson and C Velan, chief executive of TRIL Infopark, declined to comment on the matter. “The office space will be occupied in two phases. Amazon will be paying a rent of about Rs 90 per sq ft,” said one of the persons quoted earlier. “It plans to occupy the first phase by first quarter of 2018.

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