Curation Team
BlackRock Services India, the Indian arm of the world’s largest asset manager, has signed a fresh office lease for about 143,000 square feet at IndiQube Symphony on MG Road in Bengaluru’s central business district (CBD).
The 10-year deal carries a total rental outlay of Rs 410 crore, making it one of the largest enterprise flexible space transactions in the country in recent quarters. “The lease, registered earlier this month, will commence on October 1, 2025. BlackRock will pay a monthly rent of Rs 2.72 crore at Rs 190 per sq ft, backed by a Rs 21.75 crore deposit. The agreement covers G+5 floors of the tower and includes a 5% annual rental escalation,” said a lease document shared by Propstack.
“This transaction validates Bengaluru CBD’s continued dominance as a preferred location for global capability centres,” said a person aware of the development, who did not wish to be identified.
IndiQube declined to comment on the deal.
The property is part of IndiQube’s larger 320,000 sq ft acquisition across three towers in Bengaluru CBD under a 15-year renovate-and-upgrade project, branded as IndiQube Symphony. The development is aimed at offering premium managed workspace to enterprise tenants.
The lease coincides with IndiQube’s aggressive growth strategy following its Rs 650 crore initial public offering (IPO) in August. The company allocated Rs 462.6 crore from the issue proceeds towards capex for new centres, targeting the addition of 3 million sq ft over the next three years. This will expand its total managed area to 11.47 million sq ft by 2027-28.
IndiQube’s IPO was strongly backed by domestic and global investors. It raised more than Rs 314 crore from anchor investors such as Aditya Birla Sun Life MF, Invesco India ELSS Tax Saver Fund, Motilal Oswal Large Cap Fund, Bandhan Large & Mid Cap Fund, WhiteOak Capital, Ashoka WhiteOak ICAV and Malabar Funds. Before the IPO, WestBridge Capital held a 27.95% stake through its group entities and did not dilute its holding in the public issue.
“Investor participation in IndiQube’s IPO highlighted confidence in the company’s scalable model and its ability to capture India’s growing demand for managed workspaces,” another industry executive said on condition of anonymity. “The BlackRock lease strengthens IndiQube’s execution story at a time when it is ramping up post-IPO growth.”
As of March, IndiQube operated 115 centres across 15 cities, managing 8.4 million sq ft of area with 186,719 seats. Bengaluru accounted for 65 centres and 5.43 million sq ft, cementing its position as IndiQube’s largest market. The company’s financial performance has also drawn investor interest — with 2024-25 income at Rs 1,103 crore, earnings before interest, taxes, depreciation and amortisation at Rs660 crore and return on capital employed at 34.2%. Occupancy across steady-state centres was 86.5%, while the company sustained positive profit after tax.
India’s office market has seen flex spaces emerge as a mainstream category. According to Colliers, flex leasing increased 48% year-on-year in the first half of 2025 to 6.5 million sq ft, making up 19% of overall leasing. Bengaluru accounted for a third of this activity.
