US retail giant Target Corporation has secured over 8.3 lakh sq ft of office space at Embassy Manyata Business Park in Bengaluru through a long-term leasing agreement, which involves an estimated rental commitment of roughly Rs 1,250 crore. This move highlights the ongoing growth of global capability centers (GCCs) in India’s tech hub.
Target Corporation India, the company’s local subsidiary, has leased space spanning the ground and 10 upper floors of a newly constructed commercial building at Embassy Manyata Business Park in Nagavara from Embassy Office Parks REIT. The lease began on September 1, 2025.
The lease is a new agreement at a monthly rental rate of Rs 105 per sq ft, amounting to Rs 8.726 crore monthly. The lease period is 10 years and includes a security deposit of Rs 52.36 crore, according to documents obtained from Propstack.
The agreement also stipulates a 15% rent escalation every three years, indicating the sustained demand for Grade A office spaces in Bengaluru, which is India’s largest office market based on leasing activity.
This deal ranks among the larger office leasing contracts signed by multinational companies in recent years and reflects the increasing interest of global corporations to enhance their engineering, technology, and business operations from India.
RealtyDailyNews’s inquiries via email to Target Corp and Embassy Office Parks REIT went unanswered.
Bengaluru continues to lead in GCC leasing, supported by a rich talent pool, a well-established office ecosystem, and consistent demand from multinational corporations in technology, retail, financial services, and engineering sectors. Large office parks have become favored locations for such companies due to their infrastructure and scalability to meet expansion needs.
This latest agreement adds momentum to the city’s commercial real estate market, where major companies are increasingly opting for campus-style developments and long-term leases to advance their growth strategies while consolidating operations in key business districts.
