Tech giant Samsung has renewed its lease for a 4.02 lakh square feet space in Bengaluru’s Bagmane Goldstone tower, at a monthly rent of ₹4.3 crore. The Samsung Research and Development Institute first took up the space in 2019 in Bagmane World Technology Centre, located in Mahadevapura of Bengaluru East. The initial lease period extended till April 5, 2024, covering several floors and including 562 car parking slots. The agreement included a rental fee of ₹80 per square foot per month, with a 5% annual escalation.
The company has now renewed its lease for an additional five years starting June 4, 2024, as per documents accessed by real estate data analytics platform Propstack. Samsung made a deposit of ₹40.4 crore as part of the renewal agreement. The new lease involves a monthly rental of ₹4.3 crore, at ₹102 per square foot, with a 5% annual increase. This amounts to an annual fee of over ₹50 crore for the 4.2 lakh square feet space spread across 11 floors, including the ground floor.
Bagmane World Technology Centre, spanning over 52 acres on Marathahalli Outer Ring Road in Bengaluru, lists SBG Software Private Limited as the lessor and 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 center outside South Korea. SBG Software, part of the Bagmane Group, owns and operates the Goldstone Tower.
Email queries have been sent to both SBG Software and Samsung India by HT Digital, and the story will be updated once a response is received.
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