World’s largest asset manager BlackRock’s Indian arm leases 1.4 lakh sq ft at IndiQube Symphony in Bengaluru

BlackRock Services India Pvt. Ltd., the local arm of the world’s largest asset manager BlackRock, has signed a 10-year lease for 143,127 square feet at IndiQube Symphony on MG Road in Bengaluru’s central business district. 

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The agreement, which was registered last month, will begin on October 1, 2025, with a monthly rent of Rs 2.72 crore at Rs 190 per square foot, according to documents reviewed by Propstack. 

Backed by a security deposit of Rs 21.75 crore, the deal carries a rental outlay of Rs 410 crore over the tenure, with annual escalations of 5%.

The lease, covering ground plus five floors of the tower, is among the largest enterprise flexible workspace transactions in India in recent quarters. It coincides with IndiQube’s expansion drive following its Rs 650 crore IPO in July 2025.

The company raised more than Rs 460 crore from the proceeds for capital expenditure on new centers, aiming to add three million square feet over the next three years and expand its managed portfolio to 11.47 million square feet by 2028.

IndiQube Symphony is part of a 320,000 square foot, multi-tower lease in Bengaluru CBD under a 15-year renovation and upgrade project, positioned to attract large global tenants with premium managed workspaces.

As of March, IndiQube operated 115 centers across 15 cities, managing 8.4 million square feet of space and 186,719 seats. Bengaluru accounts for the bulk of its operations, with 65 centers and 5.43 million square feet.

The BlackRock lease comes as Bengaluru reinforces its dominance in India’s office market. According to Colliers, flexible space accounted for 19% of total leasing in the first half of 2025, rising 48% year-on-year to 6.5 million square feet. Bengaluru alone contributed a third of this activity. ICRA estimates the city now commands 26% of India’s total Grade A office stock of 1.03 billion square feet.

Large occupiers continue to expand in the city. Tata Consultancy Services recently signed a 15-year lease for 1.4 million square feet in Electronic City, while Apple India committed to 270,000 square feet in Bengaluru under a 10-year agreement expected to cost more than Rs 1,000 crore over its term.