Brigade Group To Invest Rs 400 Cr To Develop Office Space In Chennai
Brigade Enterprises Limited, has entered into a Joint Development Agreement (JDA) with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai. With an investment of around Rs 400 crores, the project will have a leasable area of 8.36 lakh sft. spread across two towers. This will be the next commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR. Commenting on the development, Nirupa Shankar, Joint Managing Director, Brigade Enterprises Limited said, “Chennai is a diverse office market with demand from not only IT and ITeS sector but also from several other industry verticals including engineering, automotive and banking, etc. Offices that conform to sustainability, with seamlessly integrated digital connectivity and A Grade office certification are in great demand. Brigade Tech Boulevard will be of world-class quality, with significant focus on sustainability, similar to all our commercial developments across cities. Given the pre-leasing commitments that Radial Road has had in the past, we are confident that the leasing momentum would increase further with this development.” Commenting on the transaction, Chairman of Agni Estates & foundations Pvt Ltd, R. N Jayaprakash commented, “We have partnered with Brigade for this project given their business acumen on delivering good returns on investment. Their unparalleled focus on innovation and quality will certainly enhance the value of our asset, making it a preferred business address for the office occupiers.” In recent years, Brigade’s successes in developments such as the Holiday Inn Hotel and Brigade Xanadu Residential township are testament to the Group’s commitment to high quality sustainable projects.
Tags : Brigade Enterprises Limited transaction Agni Estates & foundations Pvt Ltd R. N Jayaprakash World Trade Center Nirupa Shankar