Vatika leases 7 L sq ft office space to Google

New Delhi | Mumbai: Realty developer Vatika Group has leased 700,000 sq ft of office space to technology giant Google in its under-construction building in Gurgaon. The project, One on One, on National Highway 8 and spread across 2.2 million sq ft, is being developed in two phases with an investment of Rs 1,200 crore. The first phase, where the Google office will shift from its current location in the city, will be ready by May this year, while rest of it will be completed in 18-24 months.

People aware of the matter said Google will pay a rental of about Rs 115 per sq ft per month for 25 years. This is lower than what Google is paying for about 300,000 sq ft of office space leased in 2015. The financial details of the latest lease deal could not immediately be confirmed.

“We are proud to be associated with Google and deliver one of the most prestigious projects to them. Our commercial spaces are designed to be energising, efficient and productive. This commercial project enjoys superior connectivity and infrastructure,” said Gaurav Bhalla, managing director, Vatika Group.

US banking giant Goldman Sachs recently invested Rs 610 crore in Vatika Group, of which Rs 245 crore will be used to expedite construction in the first phase of this project. Vatika has delivered 6.1 million sq ft of commercial and retail space and an additional over 15 million sq ft is under design, planning and construction.

It has a range of commercial projects spread across prime locations in Delhi NCR, including MG Road, Golf Course Road, Golf Course Extension Road, Sohna Road, NH-8 and Mathura Road. The group has diversified into residential and commercial projects, townships, hotels, education, and business centres and facilities management.

Earlier this month, Vatika leased around 100,000 sq ft of office space to Dentsu Aegis Network, a UK-headquartered media and digital marketing communications company.

“The rise in demand of commercial real estate is observed with improved occupancy and rentals. The industry has witnessed high growth because of increased penetration of ecommerce and demand for quality workplaces,” said Ashish Arora, director, distribution, Viridian Real Estate Development.

Sustained and robust demand for office space pushed leasing activity across the country in 2019 to a record high.