RMZ Corporation Leases 3 Lakh Sq Ft of Commercial Space to Chevron in Bengaluru
Realty firm RMZ Corporation has secured a major deal, leasing around 3 lakh square feet of commercial space in Bengaluru to Chevron Global Technology & Services Pvt Ltd. The partnership between RMZ and Chevron will see the establishment of the Chevron Engineering and Innovation Excellence Center (ENGINE) at RMZ’s ‘Ecoworld 30-series’ project in Bengaluru. The investment for this ambitious project is estimated at $1 billion.
Expanding Office Portfolio
Under this new lease agreement, RMZ will provide approximately 0.3 million square feet of commercial space, with options for further expansion. This is a significant addition to RMZ Corporation’s already impressive office portfolio. Currently, the firm has 21 million square feet of office projects under construction. However, they have even grander plans for the future. RMZ aims to expand their office portfolio to a staggering 50 million square feet across six cities within the next 2-3 years, adding an additional 30 million square feet of office space.
India’s Growing Significance as a Hub for Global Capability Centres
Thirumal Govindraj, CEO of RMZ Office and RMZ NXT, emphasized the growing significance of India as a hub for Global Capability Centres (GCCs). More and more companies are looking for advanced, tech-driven workspaces ranging from 50,000 to 100,000 square feet. This demand is driven by both established enterprises looking for multifunctional hubs and newer players seeking state-of-the-art infrastructure. India’s talented workforce and business-friendly environment make it an attractive destination for such investments.
Chevron ENGINE Centre
Akshay Sahni, Country Head at Chevron India, expressed excitement about the Chevron ENGINE centre and its contribution to empowering local talent in India. The center will enable Indian professionals to make valuable contributions to global operations and projects, addressing current energy challenges and developing innovative future energy systems. Chevron, a multinational energy corporation, recognizes the potential of the Indian market and the importance of leveraging local expertise for their global operations.
RMZ Corporation’s Diversified Projects
As one of India’s largest family-owned alternative asset owners, RMZ Corporation specializes in various real estate and infrastructure initiatives. Their expertise ranges from premium office spaces to industrial and logistics developments, hospitality, luxury living, and mixed-use projects. Currently headquartered in Bengaluru, the company has been instrumental in shaping the city’s real estate landscape and playing a pivotal role in its economic development.
Conclusion
RMZ Corporation’s recent lease agreement with Chevron demonstrates the trust and confidence that major companies have in India’s real estate market. This investment not only signifies the robustness of the commercial property sector in Bengaluru but also highlights the city’s emergence as a sought-after destination for global business partnerships. As RMZ continues to expand its office portfolio and fuel India’s rise as a Global Capability Centre, it shows the potential for significant growth and development in the Indian commercial real estate sector.
