Embassy Group invests around Rs 600 crore in developing a 5.5 lakh sq ft office property in Bengaluru. Embassy Zenith’s construction is expected to begin in the third quarter of 2021-22 and will be finished in December 2024.
The proposed building will be built in Bengaluru’s prime CBD neighbourhood, near the renowned Le Méridien Hotel site. Once finished, the project will form a component of Embassy Office Parks.
“In the prior year, we have witnessed how India’s corporate sector have had to pivot to a work-from-home culture. Despite the significant challenges caused by the Covid-19 pandemic, organizations have demonstrated a definite desire to return to formal office spaces.
Therefore, we are confident that India’s commercial realty sector will witness a steady growth curve,” Aditya Virwani, Chief Operating Officer, Embassy Group, said. Embassy Zenith’s construction is expected to begin in the third quarter of 2021-22 and end in December 2024.
The development will be a project managed by Mac Charles (India) Ltd. The previous proprietors of the former Le Méridien Hotel – Embassy Group, purchased a 73.4 per cent ownership in the firm in 2016.
Andy Fisher Workshop from Singapore will design the forthcoming commercial complex, catering to a high-profile clientele. The facility will support renters’ sustainability and well-being by incorporating an environmental framework into the unique and futuristic architectural approach.
Embassy Group owns and manages about 62 million square feet of premium commercial, residential, and industrial space in India. The organization is also a co-sponsor of India’s first publicly traded Real Estate Investment Trust (REIT).
The group owns around 1,000 acres of property, most of which is located in Bengaluru and has 28 million square feet of built-up area under development throughout segments.Andy Fisher Workshop from Singapore will design the forthcoming commercial complex, catering to a high-profile clientele.
The facility will support renters’ sustainability and well-being by incorporating an environmental framework into the unique and futuristic architectural approach. Embassy Group to develop commercial space.
Embassy Group, located in Bengaluru, has announced the start of construction on Embassy Zenith, which would span 2.27 acres and have a total leasable space of about 5.5 lakh square feet.
According to the business, the Grade A commercial space in Bengaluru’s prime CBD region will rise where the historic Le Méridien Hotel formerly stood. Embassy Zenith’s construction is expected to begin in the third quarter of 2021-22 and end in December 2024.
The development will be a project managed by Mac Charles (India) Ltd. The previous proprietors of the former Le Méridien Hotel – Embassy Group, purchased a 73.4 per cent ownership in the firm in 2016.
Embassy Zenith, located on the prestigious Sankey Road, will provide spectacular views of the world-class Bangalore Golf Course. The opening of Embassy Zenith is another critical step in modernizing Bengaluru’s commercial real estate scene and expanding our portfolio of best-in-class office properties, resulting in sophisticated and high-tech work centres.
With the history of Bengaluru’s renowned Le Méridien Hotel, we predict that this cutting-edge business space will thrive in the future at this leading site. Embassy Group is founded in 1993, is one of India’s leading real estate conglomerates, having a portfolio of over 62 million square feet of premium commercial, residential, and industrial property throughout India.
The Embassy has collaborated with prominent investors such as Blackstone and Warburg Pincus at the group and project levels. The Embassy sponsored India’s first REIT, the Asia Pacific’s most extensive office REIT.
According to an ICICI Securities analysis, leasing activity in the commercial real estate office market is expected to pick up in January 2022.Select corporate houses may re-evaluate their space requirements before calling employees back to offices, and international travel may pick up on increased Covid-19 vaccinations.
