Boeing has leased the space in realty developer RMZ Corp’s commercial project RMZ Azure in Hebbal locality of Bengaluru.
Global aerospace major Boeing’s India arm has picked up over 1.50 lakh sq ft of office space in Bengaluru’s Hebbal locality on a long-term lease spanning over 9 years.
Boeing has leased the space in realty developer RMZ Corp’s commercial project RMZ Azure in Hebbal locality of Bengaluru. Of the total tenure, lease rental for the initial three years is set at Rs 74 per sq ft a month, taking the total rentals to over Rs 13 crore per annum. The agreement includes a rental escalation clause of a 15 per cent increase every 3 years.
Creating R&D space
A person aware of the development told Economic Times that the deal has been inked and concluded recently. Boeing India has leased the said office space for its research and development operations. The company is currently undertaking fit-outs at the newly leased office and is expected to start operations from this premise from July.
Boeing is looking to undertake work related mainly to data analytics and advanced environmental-friendly coating for next-generation airplane health management tools and other software tools for airlines and airports to improve operations and reduce costs said the person mentioned above.
The US-based aircraft major is also setting up an electronics manufacturing and avionics assembly facility spread over 36 acres in Bengaluru. This will be the Chicago-headquartered company’s second largest facility outside Seattle.