Tata Consultancy Services (TCS) has signed a five-year lease with extension options for over 180,000 square feet at Tishman Speyer’s WaveRock project, a Class A office development in Hyderabad, India. Under the lease agreement, TCS has a six-month option to take an additional 70,000 square feet, for a total that would exceed 250,000 square feet.
The transaction is Hyderabad’s second-largest office lease in the past year. If TCS exercises its option, the lease will rank as the area’s largest during that time period, and one of the largest in India.
WaveRock is a modern LEED Gold-certified office park currently under development in the heart of the Gachobowli Financial District. It is a joint venture between Tishman Speyer and ICICI Ventures, the private equity arm of The ICICI Group. The project’s first phase, which will host TCS, officially opens today, February 22, 2010. Other major office campuses in the area include Microsoft, Franklin Templeton and UBS.
TCS is an IT services, business solutions and outsourcing organization that offers a consulting-led, integrated portfolio of IT and IT-enabled services. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 140,000 IT consultants in 42 countries. The company also was a tenant at a property previously owned by Tishman Speyer, in Amsterdam.
“This lease represents a watershed for us in India and particularly in Hyderabad,” said Tishman Speyer Managing Director and Country Head Rakesh Sharma. “In addition to TCS, Tishman Speyer is now working with several Indian companies to meet their needs for efficient and high quality office space, both domestically and elsewhere.”
Michael Spies, senior managing director for the firm, commented, “We began looking at opportunities in India several years ago, when it became clear that there was not enough Class A office space to serve the fast-growing needs of world-class domestic and multinational companies. This was especially true in Hyderabad. We’re now seeing the fruits of this strategy, and we will continue to look for opportunities in the region.”
Tishman Speyer President and Co-CEO Rob Speyer said, “Our ability to provide first-class office space for leading global companies in multiple locations is one of our greatest strengths as a developer and owner. We’re pleased to have developed this relationship with TCS, which has emerged as one of the world’s leading IT-related services providers.”
He added, “We completed nearly nine million square feet of office leases last year. This transaction represents a continuation of that global momentum.”
More information on Tishman Speyer’s WaveRock project, is available at http://www.waverock.in.
About Tishman Speyer
Tishman Speyer is one of the leading owners, developers, operators, and fund managers of first-class real estate in the world. Since 1978, Tishman Speyer has acquired, developed and operated over 325 projects totaling over 116 million square feet and a property portfolio of over US$54.2 billion in total value across the United States, Europe, Latin America and Asia, including signature properties such as New York’s Rockefeller Center and Chrysler Center, Berlin’s Sony Center and Torre Norte in São Paolo, Brazil.