Published On:November 20 2020
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Fidelity renews 300,000 sq. ft office space in Xander’s Bengaluru property.

US-based financial services firm Fidelity Investments has renewed its lease for 300,00 sq. ft office space for its India headquarters at twice the rentals being paid currently to Xander Investment Management, said a person aware of the development.

Fidelity India has renewed the lease at Pinehurst, a commercial office building in Embassy Golf Links Business Park, which is owned by Xander.

Xander had bought the office building at Embassy Golf Links Business Park in Bengaluru in 2018 for ₹350 crore from Sanjay Ghodawat Group. The acquisition was made from Xander’s India office platform

“The new lease has been signed at about ₹150 per sq. ft. and includes certain upgrades to be undertaken at Pinehurst, to provide highest quality occupancy experience to Fidelity," said the person mentioned above, requesting not be named.

The lease, which is for a period of 10 years, has been revised ahead of the expiry due in April 2022.

Xander and Fidelity didn’t respond to queries.

CBRE was the adviser to the transaction.

Last week, Amazon leased nearly 260,000 sq. ft in suburban Mumbai in a combination of a lease and an option to lease additional space. In October, Standard Chartered GBS leased 770,000 sq. ft in an upcoming office project in Chennai.

Xander has an office portfolio of around 7 million sq. ft. It recently made around ₹700 crore, or 2x its investment, by exiting two realty projects of Rustomjee Group in Mumbai.

Xander has committed more than $3 billion in the real estate market, including office, retail and warehousing, since it started investing in India in 2005. Its private equity arm has made investments in residential projects in Pune, Bengaluru and Mumbai.

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