Tata Realty and Infrastructure Ltd (TRIL) on Wednesday said it has given on lease over 1.56 lakh square feet of office space in its commercial projects at Gurugram in Haryana to Johnson Controls and PepsiCo.
Tata Realty and Infrastructure Ltd, a 100 per cent subsidiary of Tata Sons Pvt Ltd, has leased over 1,56,000 square feet to Johnson Controls and PepsiCo
Tata Realty and Infrastructure Ltd (TRIL) on Wednesday said it has given on lease over 1.56 lakh square feet of office space in its commercial projects at Gurugram in Haryana to Johnson Controls and PepsiCo.
"In the next 24 months, the leasing will gross an operating income of approximately Rs 27 crore," TRIL said in a statement.
Tata Realty and Infrastructure Ltd, a 100 per cent subsidiary of Tata Sons Pvt Ltd, has leased over 1,56,000 square feet to Johnson Controls and PepsiCo.
Johnson Controls has taken on lease 85,000-square-foot office space in Intellion Park Gurugram, an IT/ITeS SEZ campus. The property is spread over 25 acres and comes with LEED Platinum Pre-Certification.
It will set up there a Global Capability Centre, the first of its kind in India for them, which has the potential to grow to 0.5 million square feet.
CBRE South Asia facilitated the deal.
PepsiCo has also signed for about 71,000 square feet of space in Intellion Edge, which is spread across 8 acres of prime land in Gurugram's Sector 72 and is one of the flagship commercial office projects with 1.6 million square feet of office space, three towers and high-street retail.
The leased space will help PepsiCo in relocation and will enable Johnson Controls to create 800+ new job opportunities in the region.
TRIL's MD and CEO Sanjay Dutt said the company is committed to transforming the current commercial landscape to provide the best working experience.
"Global companies are looking for spaces that have intelligent occupier segregation and businesses that are poised for growth should be ready for some fast-changing work dynamics. Hence, they are looking out for futuristic spaces that can grow with them."
Anshuman Magazine, Chairman and CEO - India, South East Asia, Middle East & Africa, CBRE said, “With office absorption expected to cross 40 million square feet in 2022, we anticipate that a sustained drive in leasing activity would continue to bring a new focus on high-quality buildings by developers such as Tata Realty to differentiate their assets and attract occupiers".
Tata Realty is developing Grade 'A' commercial developments in Chennai, Gurugram and Mumbai.
It is now building projects across Bengaluru, and Navi Mumbai along with additional assets in NCR.
The company is targeting 10 million square feet in the next 3 years and will expand its portfolio to 45 million square feet by 2027.
The company is one of the leading real estate development companies in India with a portfolio of over 50 projects across 15 cities.
Tata Realty has developed 16.8 million square feet of commercial projects and has 12 million square feet of projects under development and planning.
Tata Group is one of India's largest conglomerates, with annual revenue of over $100 billion, and 107 operating companies in seven business sectors, employing over 7,50,000 people worldwide, the statement said.