BlackRock's Indian division secures a 140,000 square foot lease at IndiQube Symphony in Bengaluru.
In the bustling heart of Bengaluru's Central Business District, two major companies have signed significant leases, further cementing the city's dominance in India's office market.
Fractal Analytics, a leading data analytics company, has inked a 10-year lease for 143,127 square feet at IndiQube Symphony on MG Road. This expansive space spans the ground floor and five additional levels of the tower, making it one of the largest enterprise flexible workspace transactions in India in recent quarters.
The lease agreement, which begins on October 1, 2025, carries a security deposit of Rs 21.75 crore and a rental outlay of Rs 410 crore over the tenure. The monthly rent is set at Rs 2.72 crore, equating to Rs 190 per square foot.
IndiQube Symphony is part of a larger 320,000 square foot, multi-tower lease in Bengaluru CBD, which is currently under a 15-year renovation and upgrade project.
Meanwhile, BlackRock Services India Pvt. Ltd. has also secured a 10-year lease for the same space at IndiQube Symphony. The lease is positioned to attract large global tenants with premium managed workspaces, reflecting the growing demand for flexible office solutions in Bengaluru.
The leases come at an opportune time for IndiQube, following its successful Rs 650 crore Initial Public Offering (IPO) in July 2025. The company plans to utilise the IPO proceeds, amounting to over Rs 460 crore, for capital expenditure on new centres.
IndiQube, which currently operates 115 centres across 15 cities, managing 8.4 million square feet of space and 186,719 seats, has ambitious expansion plans. The company aims to add three million square feet over the next three years and expand its managed portfolio to 11.47 million square feet by 2028.
Bengaluru's office market has been thriving, with the city accounting for 33% of the total flexible space leasing in the first half of 2025. In fact, flexible space accounted for 19% of total leasing in Bengaluru, rising 48% year-on-year to 6.5 million square feet.
The city's dominance is further reinforced by ICRA's estimate that Bengaluru now commands 26% of India's total Grade A office stock of 1.03 billion square feet.
Other notable tenants in Bengaluru include Apple India, which recently committed to 270,000 square feet under a 10-year agreement expected to cost more than Rs 1,000 crore over its term. Tata Consultancy Services also signed a 15-year lease for 1.4 million square feet in Electronic City, Bengaluru.
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