by THO
Bengaluru-based flexible workspace operator Simpliwork Offices has leased over 1.5 lakh sq ft of office space in Embassy Manyata Business Park, the company said in a statement on February 4.
Simpliwork Offices’ five-year lease rental is over ₹100 crore. The company will also invest about ₹40 crore in designing and developing the space, it added.
The new space in Embassy Manyata Business Park will cater to two distinct client needs: ready-to-move-in workspaces for businesses seeking immediate occupancy and fully customizable office solutions tailored to specific client requirements.
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“We are thrilled to announce our latest acquisition at H2 Block of Embassy Manyata Business Park, part of the prestigious Embassy REIT portfolio. This milestone not only reflects our commitment to strengthening partnerships with leading developers across the nation but also underscores our confidence in the immense potential of Bengaluru’s flexible workspace market,” Rohan Thakar, Director of Leasing at Simpliwork Offices, said.
Located in North Bengaluru and spanning over 14 million square feet, Embassy Manyata Business Park is a key business park for commercial activity and a hub for global enterprises.
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“The fact that Embassy Manyata Business Park attracts some of the world’s most prestigious tenants reinforces our decision to expand within this ecosystem,” said Thakar, adding, “This partnership strengthens our ability to deliver best-in-class office solutions and further cement our presence in India’s most dynamic markets.”
The company, which is set to close this fiscal year with revenues between ₹850 and 900 crore (up from ₹780 crore in the previous year), has consistently demonstrated financial strength. EBITDA margins are anticipated to range between 18.5% and 21% this year, it said in a statement.
The company has a portfolio spanning over 4.2 million square feet in key cities, including Bangalore, Hyderabad, Mumbai, Gurgaon, Noida, Pune, Chennai, and Kolkata. It operates over 85 centres nationwide.
