Target Signs 1,250 Crore Lease Deal With Embassy REIT, Expanding Bengaluru GCC Footprint With 8.3 Lakh+ Sq Ft Office Space
US retail giant Target Corporation has signed one of Bengaluru's largest commercial office lease agreements, securing over 8.3 lakh sq ft of premium office space at Embassy Manyata Business Park through a 10-year lease with Embassy REIT. The deal carries an estimated rental commitment of around ₹1,250 crore, reinforcing Bengaluru's position as India's leading Global Capability Centre (GCC) hub.
The leased space spans the ground floor and ten upper floors of a newly completed office block, allowing Target to significantly expand and consolidate its India GCC operations within the Manyata campus. The company will reportedly pay a monthly rent of approximately ₹8.7 crore, along with a ₹52.36 crore security deposit, under the long-term agreement.
The lease includes a 15% rental escalation every three years, highlighting Target's long-term commitment to its India operations. The expanded campus is expected to support thousands of employees working across technology, digital engineering, analytics, merchandising, and business support functions for the retailer's global operations.
Located along Bengaluru's Hebbal-Airport corridor, Embassy Manyata Business Park is one of Asia's largest integrated office campuses, housing more than 60 multinational companies across approximately 17.2 million sq ft of leasable office space. The project continues to attract major multinational corporations due to its world-class infrastructure and thriving technology ecosystem.
The landmark transaction underscores the sustained demand for Grade A commercial office space in Bengaluru, driven by the rapid growth of GCCs. It also reflects global corporations' continued confidence in India as a strategic destination for innovation, technology, and business operations, further strengthening the country's commercial real estate market.