BENGALURU: JP Morgan has taken up 1.1-million-sqft office space in Bengaluru and another 0.83 million in Hyderabad as the US bank looks to consolidate its operations in these cities. The bank also has the option to take up an additional 0.5 million sqft for further expansion in each of the two cities.
The deal makes it the second largest ever to happen in Bengaluru in a single transaction, surpassing the 1.1-million-sqft deal struck a few years ago by investment bank Goldman Sachs with Kalyani Tech Park. To date, US network gear maker Cisco has struck the single-largest deal of 3 million sqft at Cessna Business Park on the Outer Ring Road (ORR).
In Bengaluru, JP Morgan is taking up the space in Embassy Tech Village, which also houses clients such as Wells Fargo and Flipkart. In Hyderabad, the space is being taken in Salarpuria Sattva’s Knowledge City where Novartis Healthcare, Microsoft and State Street Corp are also present.
JP Morgan CEO (south and southeast Asia) Kalpana Morparia said, “Bengaluru is a critical technology hub for JP Morgan. Relocating to Embassy Tech Village will help us consolidate most of our offices in Bengaluru to one location.” The deal also marked the single largest real estate transaction in Hyderabad, where commercial office space leasings have picked up pace over the last few years. “Moving to Knowledge City enables us to consolidate our presence to one location and bring all our employees together,” Morparia said.