Qualcomm leases over 1.8 million square feet of space in K Raheja’s IT park in Hyderabad

US multinational Qualcomm has acquired more than 1.8 million square feet spread over a 20-storey retail tower at property developer K Raheja Corp’s IT park in Hyderabad in one of the largest office lease deals , said people with direct knowledge of the development.

It will be Qualcomm’s largest such desktop installed outside of the United States. The company will pay over ₹3,054 crore in rent over a total term of 15 years, including increases of 15% every three years, as per the terms of the agreement.

“The commitment to the large office space at the developer’s nearly completed Commerzone Madhapur project is part of Qualcomm’s growth and consolidation strategy,” said one of the people mentioned above.

The property is not currently part of the Mindspace Business Parks REIT, backed by K Raheja Corp. However, the REIT holds the right of first offer (ROFO) for this asset. The deal for this bespoke desk is part of a pre-commitment Qualcomm made earlier. “Qualcomm already has offices across the country in Mumbai, Bengaluru and Delhi, in addition to several offices in Hyderabad. occupied 1 million square feet of office space in several commercial buildings in K Raheja Corp’s Mindspace IT park.

The company’s offices in Hyderabad are expected to be part of this consolidation plan. The new office is expected to accommodate over 17,000 staff, including its existing staff in Hyderabad who are expected to move here and new recruits.