Major Indian subsidiary of global investment giant BlackRock secures 140,000 square feet of office space at IndiQube Symphony in Bangalore
In a significant move for the Indian office market, BlackRock Services India Pvt. Ltd. has signed a 10-year lease for 143,127 square feet at IndiQube Symphony, located in Bengaluru's central business district (CBD). This lease agreement, set to begin on October 1, 2025, marks one of the largest enterprise flexible workspace transactions in India in recent quarters.
The lease covers ground plus five floors of the tower, aligning with IndiQube's expansion drive following its Rs 650 crore Initial Public Offering (IPO) in July 2025. The monthly rent for the lease is Rs 2.72 crore at Rs 190 per square foot, resulting in a rental outlay for the tenure of the lease of Rs 410 crore. The lease agreement also includes annual escalations of 5%.
IndiQube Symphony is part of a 320,000 square foot, multi-tower lease, which is under a 15-year renovation and upgrade project. This deal comes amidst a surge in demand for flexible spaces, with flexible space accounting for 19% of total leasing in Bengaluru in the first half of 2025, rising 48% year-on-year to 6.5 million square feet.
Bengaluru reinforces its dominance in India's office market, accounting for 33% of the total flexible space leased in the first half of 2025. ICRA estimates that Bengaluru now commands 26% of India's total Grade A office stock of 1.03 billion square feet.
IndiQube, which currently operates 115 centers across 15 cities, managing 8.4 million square feet of space and 186,719 seats as of March, 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. Notably, Bengaluru accounts for the bulk of IndiQube's operations, with 65 centers and 5.43 million square feet.
Other notable leases in Bengaluru include Apple India's commitment 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 recently signed a 15-year lease for 1.4 million square feet in Electronic City, Bengaluru.
The BlackRock lease is among the largest in recent quarters for premium managed workspaces in Bengaluru, further underscoring the city's attractiveness for businesses seeking flexible and high-quality office spaces.
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