Applied Materials, a major US-based semiconductor equipment maker, has entered into a significant lease deal for 8.06 lakh sq ft office space in the ITPB-Endeavour building in Whitefield, Bengaluru. The deal, valued at ₹855 crore over a decade, highlights the growing footprint of semiconductor firms and tech players in one of India’s most active real estate markets.
Major Lease Deal Details
Applied Materials will lease the ground plus 15 floors of the ITPB-Endeavour complex, paying ₹5.97 crore monthly rent with a 15% escalation every 3 years. The lease tenure begins April 1, 2025, with a security deposit of ₹35.8 crore. The rental rate stands at ₹74 per sq ft per month.
Expansion Potential and Location
The company also holds an option to lease an additional 3 lakh sq ft in the forthcoming Tower 8 of the same tech park, slated for completion by October 2027. The International Tech Park Bangalore (ITPB) in Whitefield is a premier tech and commercial hub attracting global companies.
Industry Context and Recent Trends
This lease forms part of a broader trend in Bengaluru where semiconductor and IT companies are ramping up their presence. Last year, Applied Materials acquired over 2.6 lakh sq ft in Whitefield Industrial Area for ₹338 crore. Other large deals in the city include TCS securing 14 lakh sq ft in Electronic City and Apple leasing 2.7 lakh sq ft at Embassy Zenith.
TheFlexInsights Take
This landmark lease underlines Bengaluru’s continuing status as a global tech hub and reflects strong confidence in the city’s real estate market by multinational corporations. The semiconductor industry’s expansion here strengthens the ecosystem while driving demand for premium office spaces. Lease terms with steady escalation and large security deposits signal a robust market and enduring tenant commitment. Applied Materials’ ability to option more space also shows strategic planning aligned with anticipated growth. Overall, Bengaluru’s real estate for tech remains vibrant and poised to benefit from the ongoing technology boom.
