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Samsung Research and And Development Institute has just renewed its lease for 4.02 lakh square feet space in Bengaluru’s Bagmane Goldstone tower, according to the documents accessed by real estate data analytics platform Propstack.
The documents also showed that, the South Korean tech giant first took up the said space in Bagmane World Technology Centre, located in Mahadevapura located in Bengaluru East, in 2019. The stipulated period of lease was extended till April 5, 2024, for 4 lakh square feet of space spread across several floors, which comes with 562 car parking slots.
The terms of agreement includes a rental fee of Rs.80 per square feet a month, with escalation of 5% every year. Recently Samsung has renewed its lease agreement for a period of 5 years, starting June 4, 2024. Alongside, a deposit of Rs.40.4 crore was made by Samsung as part of the renewal agreement.
According to the latest agreement a monthly rental fee of Rs.4.3 crore was signed at a rate of Rs.102 per sq ft, and it is set to increase by 5% every year. the documents showed,the total amount of fee is set over Rs.50 crore for 4.2 lakh square feet of space spread across 11 floors, including the ground floor.
The Bagmane world technology center is spread across more than 52 acres on Marathahalli Outer Ring Road in Bengaluru. In the document, SBG Software Private Limited is entitled as lessor and the Samsung Research And Development Institute India Bangalore Private Limited as the lessee.
Samsung R&D Institute India-Bangalore (SRI-B) is the brand’s largest research and development centre outside of South Korea. On the other hand, SBG Software is a part of Bengaluru-headquartered real estate major Bagmane Group. It has a strong presence in the commercial real estate market of the city, and has developed over 24 million square feet of office space in India.
According to the rating of CRISIL, SBG has acquired and now operates the Goldstone Tower in Bagmane World Technology Centre.
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