BlackRock Services India Leases 1.43 Lakh Sq Ft Office Space in Bengaluru for ₹410 Crore
BlackRock Services India Pvt Ltd, the Indian arm of global asset manager BlackRock Inc, has leased 1.43 lakh sq ft of commercial office space in Bengaluru for ₹410 crore over a 10-year term, according to property registration documents accessed by Propstack.
The commercial office space has been leased in KNG Tower 1 from IndiQube Space Limited in Ashok Nagar on MG Road. The documents show that the space is spread across the ground floor plus five additional floors.
The monthly rent has been fixed at ₹2.72 crore at a rate of ₹190 per sq ft, with an annual rental escalation of 5%. A security deposit of ₹21.75 crore has been paid for the transaction, according to the property registration documents.
The documents show that the transaction for the commercial office space was registered on August 21, 2025, and that the lease period starts in October 2025.
BlackRock Services India Pvt Ltd has been expanding its footprint in India, particularly in major cities like Bengaluru and Mumbai. This lease in Bengaluru is a significant move that underscores the company's commitment to the Indian market and its growing need for office space to accommodate its expanding workforce and operations.
In a related development, Whispering Heights Real Estate Private Limited, a joint venture between K Raheja Corp Group and GIC of Singapore, had in July 2024, leased 42,700 sq ft for a monthly rent of ₹1.28 crore to BlackRock Services India Pvt Ltd in a building known as Raheja Altimus in Worli, Mumbai, for five years. The documents showed that BlackRock paid a security deposit of ₹12.81 crore for the deal, which was registered on July 18.
The lease period for the Mumbai deal is from August 2024 to July 2029, and the monthly rent is ₹300, that is, ₹1.28 crore per month. The documents showed that the monthly rent will increase to ₹314 from August 2025 to ₹329 from August 2026, and the security deposit will also increase to ₹14.72 crore from August 2027.
These significant lease deals highlight the robust demand for office space in major Indian cities, driven by the growing presence of global companies and the expansion of their operations in the region. The real estate market in cities like Bengaluru and Mumbai continues to attract major investments, reflecting the strong economic growth and business environment in these cities.
