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BENGALURU: US tech major Adobe Systems India has acquired 400,000 sq ft office space in Bengaluru for ₹505 crore amidst corporate expansion caution.
The purchased office space in Prestige Tech Park IV will give the company access to a total 640 car parking slots and an undivided share of over 124,000 sq ft of land, equivalent to its super-built area, according to the sale deed document shared by Propstack, a data analytics firm.
Prestige Tech Park IV is situated on the Sarjapur-Marathahalli Outer Ring Road in Bengaluru, known as the IT corridor. This area is renowned for housing prominent IT and corporate entities such as Google, Amazon and Microsoft.
Juggy Marwaha, CEO at Prestige Office Venture, refused to comment on the deal but said, “Even though there are some headwinds because of the US market with high vacancy rates in some big cities, the fundamentals of office real estate are intact, and the India story, together with the quality of tech talent in our country, is adding great value”.
During January-March 2023 quarter, the Indian office space market recorded significant deal closures, particularly by global capability centres of banking, financial services and insurance, Indian banks and domestic flexible workspace operators.
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