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Adobe Systems India acquires 400,000 sq. ft. office space in Bengaluru

#Taxation & Finance News#India
PNT Reporter | Last Updated : 31st May, 2023
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Synopsis

Adobe Systems India has acquired a 400,000 sq. ft office space in Bengaluru's Prestige Tech Park IV for Rs 505 crore. The purchase includes 640 car parking slots and an undivided share of over 124,000 sq. ft of land. The deal indicates the company's intention to expand its operations in the region, which is known to house major IT and corporate entities such as Google, Amazon, and Microsoft. The Indian office space market has been witnessing significant activity in recent years, with a growing demand for office spaces from both domestic and international companies.

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Adobe Systems India has acquired 400,000 sq ft of office space in Bengaluru for Rs 505 crore. The purchased office space is located in Prestige Tech Park IV on the Sarjapur-Marathahalli Outer Ring Road in Bengaluru, an area known for housing prominent IT and corporate entities such as Google, Amazon, and Microsoft.




The sale deed document shared by Propstack, a data analytics firm, reveals that the office space comes with a total of 640 car parking slots and an undivided share of over 124,000 sq ft of land, equivalent to its super-built area.



The acquisition of the office space by Adobe Systems India is a significant move in the Indian real estate market, particularly in Bengaluru, which is one of the major IT hubs in India. The purchase of a large office space with ample parking slots and land share indicates that the company is looking to expand its operations in the region.



The Indian office space market has been witnessing significant activity in recent years, with a growing demand for office spaces from both domestic and international companies. The market has been driven by the growth of the IT and IT-enabled services sectors, as well as the increasing demand for flexible workspace solutions. During the January-March 2023 quarter, the market recorded significant deal closures, particularly by global capability centres of banking, financial services and insurance, Indian banks, and domestic flexible workspace operators.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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