Commercial Property Market

Boeing India acquires Office Space in Bengaluru

Bengaluru Mumbai News

The international aerospace company, Boeing’s Indian arm has acquired office space of more than 1.50 lakh sq. ft. in Bengaluru’s Hebbal region. According to the sources, this acquisition is termed for a lease of more than 9 years.

In the locality, the firm has leased the space in RMZ Azure a commercial project of realtor RMZ Corp. Out of the total tenure, the lease rental is fixed at Rs. 74 per sq.ft. per month for three years initially and this total to more than Rs. 13 crore per annum. Also, in the agreement, the rental escalation is fixed at 15% increase at the completion of every 3 years.

The sources said that the deal has been finalized recently and the Boeing India leased the said office space for its R&D i.e. research and development operations.

Presently, the firm is undertaking fit-outs at the newly leased office and is likely to commence its operations here from July.

The company is looking forward to take over work that is related to data analytics and advanced environmental-friendly coating for the GenNext airplane health management tools. Apart from this, the firm is also eyeing work related to other software tools to improve operations of both airlines and airports at a minimum cost.

Other than Boeing, a US-based aircraft giant is also setting up an electronics manufacturing and avionics assembly facility in Bengaluru. The company will have the second largest facility outside Seattle as the firm’s headquarter is based in Chicago.