Apple Picks Up 1.16 Lakh Sq Ft Space In Bengaluru For Use As 'Global Capability Centre'

Apple has rented multiple floors of a commercial building in Bengaluru, Karnataka, for approximately Rs 2.43 crore per month.

Prestige Estates Projects has built the property on Cubbon Road that will serve as a global capability centre.

Reports citing registration documents, made available by data analytics company Propstack, reveal that the iPhone maker will occupy the entire seventh, eighth, and ninth floors as well as a part of the fourth and sixth floors of the office building.

The space is said to be spread over an area of 116,888 (or 1.16 lakh) square feet.

Apple India has signed a lease agreement with private Musa Sait Wakf, per which they will pay Rs 195 per feet rental and a monthly car parking fee of Rs 16.56 lakh, starting from 1 July this year.

As per the lease terms, the building owner cannot offer tenancy to any of Apple's rivals, reportedly including competitors Amazon, Samsung, Microsoft, and Alphabet.

This news comes close on the heels of Apple revealing the look of its first retail store in India.

The company has signed a 133-month lease with the option to extend it by 60 months for a 20,806 sq ft store in Mumbai's Jio World Drive mall.

The monthly rent for the property is Rs 42 lakh, totalling to over Rs 5 crore annually. The rent will increase by 15 per cent every 36 months, according to data from CRE Matrix.