The Indian arm of US-based Cognizant Technology Solutions has renewed the lease on its office space in the Blackstone Group-owned IT park in Pune, said two people familiar with the development. The deal is the first major office space transaction this year.
Following the renewal of the lease of 2.6 lakh square feet of office space, the Nasdaq-listed IT services and solutions company will pay a monthly rental of about Rs 32 sq. ft., taking the annual rental to over Rs 10 crore. The company will pay 4 months’ rent as security deposit.
Blackstone declined to comment on the deal and an email query from ET to Teaneck, New Jersey-based Cognizant remained unanswered until the time of going to press.
“The deal was formalised and inked a couple of weeks ago. This office space has capacity to accommodate about 3,000 employees, given the usual practice of allocating 80-100 sq. ft. office space per employee,“ said one of the people.
Read more: ETRealty