Properties in Gurugram
Embassy Manyata Business Park in Bengaluru will be leasing 8.3 lakh square feet office spaces to Target Corporation for a period of 10 years in a deal that’s worth ₹1,250 crore from September 2025 onward. This deal comes at an attractive price rate of ₹105 per square feet per month and represents one of Bengaluru’s largest deals in terms of setting up of a Global Capability Centre.
If there was ever any doubt in your mind whether Americans are going to make a significant commitment in India’s IT hub, just wait until a US retail giant decides to put down its roots in the country in a big way. That’s exactly what Target Corporation did. It leased 8.3 lakh square feet office spaces at Bengaluru’s Embassy Manyata Business Park in September 2025, signaling its intention loud and clear.
What Are the Exact Terms of Target’s Embassy Manyata Lease?
8,31,126 sq ft area from the recently constructed L4 (Gulmohar) tower located in Nagavara has been leased by Target with claim of the ground floor along with ten floors above out of the eleven-storey structure. As per Propstack, the period of lease begins from September 2025 and lasts for ten years.
It becomes more intriguing here. The rental payment made by Target amounts to approximately ₹8.73 crore on a monthly basis. This comes to ₹105 per sq ft per month. In addition to that, with the help of 15% rental escalation in every three years and also a huge deposit amount of ₹52.36 crore, the total cost of deal reaches to ₹1,250 crore over the lease period.
Why Does This Deal Matter for Bengaluru’s Commercial Real Estate?
The simple fact that one lease alone can do this means that it reiterates what has been believed for some time – that there is a very significant premium for first-rate office space in Bengaluru, and the demand for foreign companies is not going down.
On the part of Embassy REIT, the owner of the property, this lease was a massive gain that would guarantee the company continued stable revenue generation. For the market as a whole, this means that there is no point in trying to compete with well-established properties when it comes to multinational companies choosing locations for their branches.
How Are Global Capability Centres Reshaping India’s Tech Capital?
This transaction is the exact picture of the larger story. Global Capability Centres, which are special units created by multinational corporations for managing technologies, analytics, and operations, are increasingly popular in India, and Bengaluru happens to be at the very centre of it.
Why the hype? Global capability centres enable multinationals to access top talent, manage costs, and manage critical activities from their own offices. The huge investment made by Target Corporation indicates that major players of the global economy are not experimenting anymore but creating full-fledged campuses.
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