BlackRock Services India, the local branch of the world’s largest asset manager, has secured a new office lease for approximately 143,000 square feet at IndiQube Symphony on MG Road in Bangalore’s central business district (CBD).
The 10-year lease agreement has a total rental commitment of Rs 410 crore, ranking it among the largest enterprise flexible space transactions in recent months. The lease, which was registered earlier this month, will take effect on October 1, 2025. BlackRock will pay a monthly rent of Rs 2.72 crore at Rs 190 per square foot, supported by a security deposit of Rs 21.75 crore. The agreement covers five floors of the tower and includes a 5% annual rental increase, according to a lease document from Propstack.
“This transaction confirms Bengaluru CBD’s ongoing status as a top choice for global capability centers,” remarked an anonymous source familiar with the matter.
IndiQube chose not to comment on the agreement.
The property is part of a larger 320,000 square feet acquisition across three towers in Bengaluru CBD, as part of a 15-year renovation and upgrade initiative branded as IndiQube Symphony. This project aims to provide premium managed workspaces for enterprise clients.
This lease aligns with IndiQube’s aggressive expansion strategy following its Rs 650 crore initial public offering (IPO) in August. The company has earmarked Rs 462.6 crore from the IPO proceeds for new center development, with plans to add 3 million square feet over the next three years, increasing its total managed area to 11.47 million square feet by 2027-28.
IndiQube’s IPO saw strong demand from both domestic and global investors, raising over Rs 314 crore from anchor backers such as Aditya Birla Sun Life MF, Invesco India ELSS Tax Saver Fund, and others. Notably, WestBridge Capital maintained its 27.95% stake without dilution in the public offering.
“The robust investor interest in IndiQube’s IPO reflects confidence in the company’s scalable model and its ability to meet the rising demand for managed workspaces in India,” stated another anonymous industry expert. “The BlackRock lease exemplifies IndiQube’s effective execution as it accelerates growth following the IPO.”
As of March, IndiQube operated 115 centers across 15 cities, managing 8.4 million square feet of space with 186,719 seats. Bengaluru accounted for 65 centers and 5.43 million square feet, reaffirming its status as IndiQube’s largest market. The company’s financial metrics have also attracted investor attention, with projected income of Rs 1,103 crore for 2024-25, earnings before interest, taxes, depreciation, and amortization of Rs 660 crore, and a return on capital employed of 34.2%. Occupancy at stable centers was recorded at 86.5%, while the company continued to show positive profit after tax.
India’s office market is witnessing a shift as flexible spaces become mainstream. According to Colliers, flexible leasing surged by 48% year-on-year in the first half of 2025, totaling 6.5 million square feet and comprising 19% of overall leasing activities, with Bengaluru contributing one-third of this volume.
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