Applied Materials leases 8 lakh sq ft office space for Rs 855 crore in ITPB

Bengaluru: Semiconductor equipment manufacturer Applied Materials has leased 8.06 lakh sq ft of office space at ITPB, Whitefield, for a monthly rent of Rs 5.97 crore which translates to Rs 855 crore over a period of 10 years.

The leased space covers the ground and 15 upper floors in the ITPB-Endeavour complex, managed by Information Technology Park Limited (ITPL), at a montly rent of Rs 74 per sq ft. Applied Materials has also secured a hard option to lease an additional 3 lakh sq ft in an upcoming tower, expected to be ready by October 1, 2027 as per the documents accessed by real estate, data and workflow solutions platform Propstack.

Minister for IT/BT, Priyank Kharge in a post on X said, "This will house their expanding operations in Bengaluru and support their upcoming Innovation Center for Semiconductor Manufacturing, a first-of-its-kind R&D fab with ₹4,851 crore investment and about 1,500 jobs."

"From our visit to their US headquarters in 2023 to sustained discussions through 2024 and the cabinet approval earlier this year, it is encouraging to see these efforts take shape on the ground. This is a big boost for Karnataka’s semiconductor industry and our fast-growing Global Capability Centre ecosystem," Kharge said.