The Indian unit of a US-based retail platform, Amazon, has acquired 6 lakh sq. ft. of office space on lease in Hyderabad.
The office space, located in Madhapur suburb, is in under construction stage and owned by Phoenix Group. Amazon India will occupy around 250,000 sq ft with an option to expand it to 6 lakh sq ft over the next one and a half years in the first phase. The company has signed the deal for the rent Rs 54 per sq. ft. The facility is scheduled to be completed by end of 2017.
This is the biggest office leasing deal of this year till now. With this, Amazon will combinedly have 3.1 million sq. ft. of office space in India which is more than four times of Flipkart occupied office space.
“The American company has services here that cater to its global operations and that require space. The new facility will cater to overall e-commerce business of Amazon,” says a person aware of this deal.
Source: ET Realty