BlackRock India's office space expands with a 1.4 lakh sq ft lease at IndiQube Symphony in Bengaluru
In the bustling tech hub of Bengaluru, IndiQube, a leading flexible workspace provider, is bolstering its presence with significant lease agreements. The city accounts for a majority of IndiQube's operations, with 65 centres and 5.43 million square sq feet of space.
One of the notable lease agreements is with BlackRock Services India Pvt. Ltd., who has signed a 10-year lease for 143,127 square sq feet at IndiQube Symphony on MG Road in Bengaluru's central business district. This deal is among the largest enterprise flexible workspace transactions in India in recent quarters.
The lease agreement, which begins on October 1, 2025, comes with a monthly rent of Rs 2.72 crore at Rs 190 per square sq foot. The rental outlay for the tenure of the lease is Rs 410 crore, backed by a security deposit of Rs 21.75 crore.
The lease at IndiQube Symphony is part of a 320,000 square sq foot, multi-tower lease in Bengaluru CBD under a 15-year renovation and upgrade project. The lease includes ground plus five floors of the tower.
Apple India has also committed to 270,000 square sq feet in Bengaluru under a 10-year agreement expected to cost more than Rs 1,000 crore over its term. This expansion drive follows IndiQube's Rs 650 crore IPO in July 2025, from which the company raised more than Rs 460 crore for capital expenditure on new centres.
IndiQube aims to add three million square sq feet over the next three years and expand its managed portfolio to 11.47 million square sq feet by 2028. The company currently operates 115 centres across 15 cities, managing 8.4 million square sq feet of space and 186,719 seats.
Bengaluru's dominance in India's office market is reinforced by these developments. ICRA estimates that the city now commands 26% of India's total Grade A office stock of 1.03 billion square sq feet. In the first half of 2025, Bengaluru accounted for 33% of total flexible space leasing. Flexible space accounted for 19% of total leasing in Bengaluru, rising 48% year-on-year to 6.5 million square sq feet.
Notably, Tata Consultancy Services recently signed a 15-year lease for 1.4 million square sq feet in Electronic City, Bengaluru, further solidifying the city's status as a hub for business and technology.
These lease agreements position IndiQube to attract large global tenants with premium managed workspaces, as the company continues to expand its footprint in Bengaluru and beyond. The tenant of IndiQube Symphony on MG Road, who leased 143,127 square sq feet between 2025 and 2035, remains undisclosed.
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