Nike India Technology Center Private Limited has finalized two significant lease agreements in Bengaluru, securing over 1.25 lakh square feet of office space at the prominent Bagmane Tech Park. These five-year leases represent a substantial expansion for the company's operations in the region.
Details of the Lease Agreements
The total value of the two transactions is approximately ₹121 crore. Both agreements include provisions for rent escalation every three years and secure a combined total of 143 parking slots for Nike India personnel.
First Transaction: Olympia Building
- Space Leased: 48,639 sq ft on the third floor of the Olympia Building within Bagmane Tech Park.
- Initial Monthly Rent: ₹80.25 lakh.
- Lease Commencement: January 15, 2026, with rent payments beginning May 15, 2026.
- Security Deposit: ₹4.81 crore.
- Parking: 55 paid car parking spaces, each costing ₹5,500 per month.
- Rental Rate: ₹165 per sq ft per month, with a 15% rent escalation every three years.
Second Transaction: Bagmane Tridib
- Space Leased: An additional 77,000 sq ft in Bagmane Tridib, comprising 39,000 sq ft on the sixth floor and 38,000 sq ft on the seventh floor.
- Combined Starting Monthly Rent: ₹1.27 crore.
- Rent Commencement: May 15, 2026, for one floor and August 15, 2026, for the other.
- Security Deposit: ₹7.62 crore.
- Parking: 88 paid parking spaces.
- Rental Rate: Also ₹165 per sq ft per month, with a 15% rent escalation every three years.
Context of the Expansion
This significant real estate move by Nike India comes shortly after the initial public offering (IPO) of the Blackstone-backed Bagmane Prime Office REIT. This Bengaluru-based REIT specializes in developing and managing Grade A office properties, and its recent market activity provides a backdrop to the robust commercial leasing environment in the city.
The total leased area across both deals, 1,25,639 sq ft, underscores Nike India's commitment to expanding its technological footprint and operations within Bengaluru's thriving tech ecosystem.