Bengaluru, 9th August 2023: In a significant development within the real estate landscape of Bengaluru, two prominent players have entered into a strategic agreement. CTRLS Data Centers Ltd, a leading data center operator, has joined hands with Intel Technology India Pvt Ltd, a global technology giant, for a high-value lease agreement.
The agreement entails the licensing of two prime properties situated within the Bengaluru DC1 Building, located in the bustling area of Veer Sandra, Electronic City. The license, which spans a period of 36 months, establishes a firm commitment between the parties involved.
The first property, situated on the 1st Floor, boasts an area of 2,500 square feet. Intel Technology India Pvt Ltd will be paying a monthly rent of Ra 11,25,000, translating to Rs 450 per square foot. The second property, an expansive space located on the 7th Floor, spans an impressive 9,036 square feet. The monthly rental for this space has been set at Rs 36,14,400, at a rate of Rs 400 per square foot.
The license comes with specific terms, including a lock-in period of 36 months for CTRLS Data Centers Ltd and 12 months for Intel Technology India Pvt Ltd. The license commencement date has been fixed as June 1, 2023. Notably, a partial area of 2,940 square feet on the 7th floor will have its rent commence from October 1, 2023.
This collaboration is expected to have a far-reaching impact on the real estate and technology sectors.